ECONOMICS

Detailed explanation-1: -Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success.

Detailed explanation-2: -Strategic management process is a continuous culture of appraisal that a business adopts to outdo the competitors. Simple as it may sound, this is a complex process that also covers formulating the organization’s overall vision for present and future objectives.

Detailed explanation-3: -A mission statement is a concise explanation of the organization’s reason for existence. It describes the organization’s purpose and its overall intention. The mission statement supports the vision and serves to communicate purpose and direction to employees, customers, vendors and other stakeholders.

Detailed explanation-4: -The four phases of strategic management are formulation, implementation, evaluation and modification.

Detailed explanation-5: -The strategic-management process consists of three stages: strategy formulation, strategy implementation, and strategy evaluation.