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Discuss the Elements of Strategic Management

Business & Finance
Tutor: None Selected Time limit: 1 Day

Discuss the elements of strategic management and explain why it is crucial to an organization’s survival. Using a company as an example, explain the difference between a strategy and a business mode

Sep 3rd, 2014

Elements of strategic management -

Vision - The vision or mission statement of a business or an organization helps define your purpose and goals . Mission statements should neither to be too broad or too limiting because they will prevent a company from setting effective goals . Therefore set specific objectives in your mission statement . 

Identifying goals - next step is identifying goals . You have to set both long term and short term goals in order to attain objectives .  As the goals are met your objectives will change to match up with new goals . 

Developing and implementing a plan - 

Analyzing a set of task and goals will help you andnyour organization to determine the best way to delegate duties and responsibilities to individuals . Set deadlines for goals in order to be in time and to keep employees in track . 

Evaluating and tracking results -

Once a process of settings objectives and goals begins , track the results through the deadlines met . Evaluate the performance and the results . 


Strategy and business mode 

A business model is a systematic method used to generate revenue in a profitable company . 

A business strategy is a method used to achieve a core company objective . 

A business model is considered prior to the starting of operations . 

Though business strategy is established when a company starts , but they have to put new strategies perpetually . 

Sep 3rd, 2014

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Sep 3rd, 2014
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