What is strategic management? Define the term. List and describe the seven steps in the strategic management process
What will be an ideal response?
Answer: Strategic management is the process of identifying and executing the organization's mission by matching the organization's capabilities with the demands of its environment. The steps are as follows:
Step 1: Define the Business and Its Mission
Step 2: Perform External and Internal Audits
Step 3: Formulate New Business and Mission Statements
Step 4: Translate the Mission into Strategic Goals
Step 5: Formulate a Strategy to Achieve the Strategic Goals
Step 6: Implement the Strategy
Step 7: Evaluate Performance
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