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Strategic management of a company involves creating an organization-wide framework for success. This includes the planning process, ensuring that strategies are implemented and monitored and assisting employees to prioritize tasks that support strategic goals. This involves identifying and analyzing potential opportunities, risks, and business challenges. This kind of management could be handled by top management, however, innovative ideas could come from any employee. Companies employ descriptive and prescriptive strategies for strategic management built on the most well-known theories of management and practices to help them make decisions to allocate resources and meet objectives.

The first step of strategic management is to evaluate the present state of the business. This involves assessing the organization’s internal structure capacities, capabilities and resources as well evaluating any strategic plans. Companies can also use tools like SWOT analysis to discover the strengths of their business, weaknesses and opportunities within the market.

Following the initial evaluation, companies should create an outline of their vision or modify it to reflect the overall strategic goals of the organization. These goals can include increasing revenue or cutting costs. Typically, these goals will include some kind of measurable target that can be achieved over time.

But formulating the strategy on its own will not be enough to ensure its success. Implementing the plan is the last step in strategic management. This requires a high level of communication and coordination between departments and levels. It is essential to select and implement a framework to guide strategy management that includes the Balanced scorecard, Theory of Change (TOC) or Objectives and key results (OKR), in order to organize and manage the various aspects of the strategic plan.

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