DEFINITION OF STRATEGIC MANAGEMENT
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ANALYSES
is concerned with the analysis of strategic goals (mission, vision, and strategic objectives) along with the internal and external environments of the organization.
DECISIONS
strategic decisions address 2 basic questions: what industries should we compete in? and how should we compete in those industries.
ACTIONS
Strategic actions requires leaders to allocate necessary resources and to bring the intended strategies to reality.
STRATEGIC MANAGEMENT
it consists of analyses, decisions, and actions, an organization undertakes to create, implement, and sustain competitive advances.
STRATEGY
refers to as a plan designed to achieve competitive position in the market