Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives.
Changes in business environments will require organizations to constantly assess their strategies for success.
The strategic management process helps organizations take stock of their present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented management strategies.
Strategic management strategies consist of five basic strategies and can differ in implementation depending on the surrounding environment.
Strategic management applies both to on-premise and mobile platforms.
In general, the process typically includes five phases: