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Strategic management involves longterm planning and goal setting from "summary" of Fundamentals of Management (For B.Com, BBA, BBM and BMS) by J.P. Pathak
Strategic management is a crucial aspect of organizational success. It involves looking ahead and planning for the future. This is not just about short-term goals, but rather about setting long-term objectives that will guide the organization in the years to come. Long-term planning is essential because it allows the organization to anticipate changes in the external environment and adapt accordingly. By setting clear goals for the future, the organization can align its resources and efforts towards achieving those goals. Goal setting is a fundamental part of strategic management. It involves defining specific objectives that the organization aims to achieve. These goals should be realistic and achievable, yet ambitious enough to inspire the organization to strive for excellence. By setting clear goals, the organization can provide direction to its employees and ensure that everyone is working towards a common purpose. This helps to create a sense of unity and purpose within the organization. Furthermore, strategic management involves assessing the organization's strengths and weaknesses, as well as the opportunities and threats in the external environment. By conducting a thorough analysis, the organization can identify areas where it can improve and develop strategies to capitalize on opportunities. This process of strategic analysis is essential for setting realistic goals and developing effective plans to achieve them.- Strategic management is all about looking ahead and planning for the future. By setting long-term goals and objectives, the organization can align its efforts towards achieving success. Goal setting is a critical part of strategic management because it provides direction and purpose to the organization. By conducting a thorough analysis of the internal and external environment, the organization can develop strategies to capitalize on opportunities and overcome challenges. Strategic management is a dynamic process that requires continuous monitoring and adjustment to ensure that the organization remains on track towards achieving its long-term objectives.
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