MANAGEMENT PROCESS
I discovered that strategic management comprises of an organization's analysis,
decisions, and actions designed to build and sustain competitive advantages. Other
variables include identifying tradeoffs between effectiveness and efficiency in strategic
management studies. When it comes to aligning resources to take advantage of existing
product markets and proactively studying new prospects, strategic management analysis,
development, and execution pose a challenge to managers.
Management is a matter of great interest. Our personal lives tend to emphasize good
management, but it's also seen as a vital component of company success. Some people
believe successful organizations that have been managed well are more likely to succeed
than those that have been managed poorly. Uncertainty about our destination can only
be determined by monitoring how effectively or poorly an organization is adhering to its
own actual strategy. Actual and planned results must be compared on a regular basis as
part of the managers' control function.
A plan is a necessary for every firm, without a question. Having criteria that govern the
search for new opportunities both within and outside of the company is essential for
making high-quality project decisions and constructing methods for evaluating
opportunities. Unplanned or planned actions are part of a strategy. An thought or notion
that is considered valuable in completing a task also qualifies. Our conclusion from the
above is that a strategy is designed to be used in conjunction with a long-term plan.