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Introduction to Strategic Management -2 Video Lecture | Crash Course for CA Intermediate
FAQs on Introduction to Strategic Management -2 Video Lecture - Crash Course for CA Intermediate
| 1. What is the definition of strategic management ? |  |
Ans.Strategic management is the process of defining an organization's strategy, making decisions on allocating resources to pursue this strategy, and ensuring that the strategy aligns with the organization’s goals and objectives. It involves analyzing the competitive environment, assessing internal capabilities, and formulating, implementing, and evaluating strategies to gain a competitive advantage in the marketplace.
| 2. What are the key components of strategic management ? | |
Ans.The key components of strategic management typically include strategic analysis, strategy formulation, strategy implementation, and strategy evaluation. Strategic analysis involves assessing internal and external environments through tools like SWOT analysis. Strategy formulation is about developing plans to achieve organizational goals. Strategy implementation focuses on executing the formulated strategies, while strategy evaluation involves monitoring outcomes and making necessary adjustments to stay aligned with objectives.
| 3. Why is strategic management important for businesses ? | |
Ans.Strategic management is crucial for businesses as it provides a clear direction and framework for decision-making. It helps organizations anticipate changes in the market, identify opportunities and threats, and allocate resources efficiently. By engaging in strategic management, businesses can improve their performance, ensure long-term sustainability, and gain a competitive edge over rivals in their industry.
| 4. What is the difference between strategic planning and strategic management ? | |
Ans.Strategic planning refers specifically to the process of defining an organization's direction and making decisions on allocating resources to pursue that direction. In contrast, strategic management encompasses not only planning but also the execution and evaluation of strategies. While strategic planning focuses on the formulation of strategies, strategic management includes the ongoing assessment and adaptation of those strategies based on performance and changing circumstances.
| 5. How can SWOT analysis be used in strategic management ? | |
Ans.SWOT analysis is a strategic planning tool used to identify and evaluate an organization’s Strengths, Weaknesses, Opportunities, and Threats. In strategic management, it helps organizations understand their internal capabilities and external environment. By analyzing strengths and weaknesses, companies can leverage their advantages and address their shortcomings. Identifying opportunities and threats enables them to make informed decisions and develop strategies that capitalize on favorable conditions while mitigating risks.
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