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Strategic management, where widespread strategic thinking occurs and a well-defined strategic framework is used. Categories 3 and 4 are strategic planning, while the first two categories are non-strategic or essentially financial planning.
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."
Objectives, goals, strategies and measures (OGSM) is a goal setting and action plan framework used in strategic planning.It is used by organizations, departments, teams and sometimes program managers to define and track measurable goals and actions to achieve an objective.
This framework enables the individual setting the goal to have a precise understanding of the expected outcomes, while the evaluator has concrete criteria for assessment. The SMART acronym is linked to Peter Drucker 's management by objectives (MBO) concept, illustrating its foundational role in strategic planning and performance management.
The father of Western modern strategic study, Carl von Clausewitz, defined military strategy as "the employment of battles to gain the end of war." B. H. Liddell Hart's definition put less emphasis on battles, defining strategy as "the art of distributing and applying military means to fulfill the ends of policy". [10]
The Ansoff matrix is a strategic planning tool that provides a framework to help executives, senior managers, and marketers devise strategies for future business growth. [1] It is named after Russian American Igor Ansoff , an applied mathematician and business manager, who created the concept.
The resource-based view (RBV), often referred to as the "resource-based view of the firm", [1] is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage.
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.