ECONOMICS

Detailed explanation-1: -Definition. The strategic management methodology is the method for embedding a strategic management competency in a particular organization. The objective is a transformation brought about through a transformation process .

Detailed explanation-2: -Strategic management involves providing the enterprise with an overall direction, setting organizational goals, developing policies and plans to achieve those goals, and allocating resources to implement the plans.

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

Detailed explanation-4: -Monitor and control is a process of measuring performance and taking corrective action to assure that the business is on track to meet its goals. In looking to fulfill long-term goals, owners realize that there are more immediate objectives that need to be met if the long-term goals are to be fulfilled.