What is the features and scope of the strategic management?
Key Features of strategic management
The five main features of strategic management are:
1. Strategic analysis - In the Strategic Analysis face, Top Managements of the organization are responsible to conduct and plan many crucial and effective strategies for the growth of the organization. 2. Strategic choice - In this face they choose the most appropriate strategies required the organizational growth. 3. Strategic formulation - In the Strategic Formulation face, most appropriate and vital strategies are determined that further helps the organization to achieve its objective. 4. Strategic implementation - Strategic Implementations suggests how to compel the formative strategies into an organization. 5. Strategic control and evaluation - Strategic Control and Evaluation are the final features of the Strategic Management and ensures that the strategy is implemented well and reflect it through the final results of the organizations performance. And Strategic control, compares the actual performance and with the desire result of the firm, and generates final results for evaluation by the top management. Further, top management evaluates the results and modify, recheck or renews the business strategies if needed.