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Strategic management the process of specifying the organization's objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies and plans to achieve the organization's objectives. Strategic management, therefore, combines the activities of the various functional areas of a business to achieve organizational objectives. Strategic management can be used to determine an organization’s mission, including broad statements about its purpose, philosophy, and goals.
Strategic planning is a step by step process with definite objectives and end products that can be implemented ...
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