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Strategic management processes and activities. Strategy is defined as "the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals."
Strategy is important because the resources available to achieve goals are usually limited. Strategy generally involves setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execute the actions. [4] A strategy describes how the ends (goals) will be achieved by the means (resources). [5]
Strategic planning became prominent in corporations during the 1960s and remains an important aspect of strategic management. It is executed by strategic planners or strategists , who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.
There is a generally accepted definition for strategic thinking, a common agreement as to its role or importance, and a standardised list of key competencies of strategic thinkers. [7] There is also a consensus on whether strategic thinking is an uncommon ideal or a common and observable property of strategy.
A strategic leader influences “the organization by aligning their systems, culture, and organizational structure to ensure consistency with the strategy” (Beatty and Quinn, 2010, p. 7). Influencing employees to voluntarily make decisions that enhance the organization is the most important part of strategic leadership.
SWOT analysis can be used to build organizational or personal strategy. Steps necessary to execute strategy-oriented analysis involve identifying internal and external factors, selecting and evaluating the most important factors, and identifying relationships between internal and external features. [14]
Strategic communication can mean either communicating a concept, a process, or data that satisfies a long-term strategic goal of an organization by allowing the facilitation of advanced planning or communicating over long distances, usually using international telecommunications or dedicated global network assets to coordinate actions and activities of operationally significant commercial, non ...
Strategy implementation is the activities within a workplace or organisation designed to manage the activities ... is an important aspect of an effective ...