Strategic management

• Definition of a strategy?


  A strategy is a long-term plan of action to achieve a goal.
• Strategic management process?

  • A business should analyse their mission statement.
  • Conduct an environmental analysis using models such as SWOT/PESTLE.
  • Formulate a strategy, such as a defensive strategy.
  • Implement a strategy, using a template such as a action plan.
  • Control, monitor and evaluate the implemented strategy to identify gaps in implementation.
  • A business should take corrective action to ensure goals are met.