BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -According to Glueck, “Strategy is the unified, comprehensive and integrated plan that relates the strategic advantage of the firm to the challenges of the environment and is designed to ensure that basic objectives of the enterprise are achieved through proper implementation process."

Detailed explanation-2: -According to Fred David, Strategic Management can be defined as the art and science of analysing, formulating, implementing and evaluating any cross-functional decisions that enable an organisation to achieve its objectives.

Detailed explanation-3: -The four phases of strategic management are formulation, implementation, evaluation and modification.

Detailed explanation-4: -Strategic management is a combination of three main processes which are as follows: Performing a situation analysis, self-evaluation and competitor analysis: both internal and external; both micro-environmental and macro-environmental.