Strategic Management

It is a process by which entrepreneurs assess their idea's viability and implement a strategy which ensures a long term sustainable competitive advantage of venture.

Components of Strategic Planning Process

1. Initial assessment (Vision and Mission)
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2. Situational Analysis (Environmental Scanning)
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3. Strategy formulation (Objectives, business level, corporate level)
4. Strategy implementation (policies, resource allocation, change management, organization chart)
5. Strategy Monitoring (Measuring Company's Performance and controls, Linking Performance and Reward)