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The strategic management process follows the lines of strategy, while also earning above-average returns (Hanson et al, 2008, p4, 25). Strategy, strategic management, and strategic thinking are all important factors that contribute to the reaching of goals, the gaining of competitive advantage, and the successful management of an organisation. There are many different models and tools available to organisations which support decisions by strategic managers; tools that are continuously growing and changing. This essay will give critical consideration of five strategic management process tools: SWOT Analysis, Financial Ratio Analysis, Benchmarking, Core Competencies and Value Chain Analysis; and how these contribute to strategic management and strategic thinking in an organisation...
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