STRATEGIC MANAGEMENT

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Published Date: 2024-06-02
Author Name: Dr. Prashant Radhakrishna Tambe , Dr. Ashish Rajendrapal Jaswal, Dr. Kiran Dnyaneshwar Gonte , Prof. Saurav Gorakshanath Dighe

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Strategic management is a comprehensive approach to defining and implementing long-term goals and objectives that align with an organization's mission and vision. It involves the systematic analysis of internal and external environments to identify opportunities and threats, followed by the formulation, execution, and continuous assessment of strategies to ensure sustainable competitive advantage. This process integrates various functional areas such as marketing, finance, operations, and human resources to create a cohesive plan that guides decision-making and resource allocation. Effective strategic management requires ongoing adaptation to changing market conditions, technological advancements, and shifts in consumer preferences to maintain relevance and drive organizational success.