Hello, here is the solution. Let me know if you have a question or Revision needed. Thank you
Course Name and Number
Assignment Due Date
Concepts in Strategic Management
Strategic management involves continuous planning, organizing, monitoring, analyzing,
and evaluating all critical resources that a firm needs to attain its set goals and objectives (Tucci
& Roy, 2021). Any significant change in the business environment will compel an organization to
make constant assessments of its strategic objectives for success. The strategic management
process helps an organization reflect on its operations and procedures and the external environment
that substantially impacts the firm. Top-level managers use strategic management to make
corporate strategies and decisions that govern the entire organization. Strategic management
involves three levels, which include corporate, business, and operational levels.
The corporate level of strategic management includes top managers, Chief Executive
Officers, Board of directors, and corporate managers (Tucci & Roy, 2021). The management team
comprising the corporate level is responsible for the formulation of long-term objectives, including
its vision and mission statement. It answers fundamental questions of what the business wants to
attain. The business-level includes departmental heads, unit managers, geographical managers, and
product managers. These managers focus on how the business will compete, including cost
management, product leadership, and customer intimacy (Tucci & Roy, 2021). Lastly, the
operational level involves supervisors and lower-level managers. The managers here focus on how
the business is going to grow and develop. Growth and development in this strategy level involve;
market development and penetration, diversification, and product or service development.
Generally, strategic management is thought to bring ...
15 Million Students Helped!
Sign up to view the full answer