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Introduction to Strategic Management Video Lecture | Financial Management & Strategic Management for CA Intermediate

FAQs on Introduction to Strategic Management Video Lecture - Financial Management & Strategic Management for CA Intermediate

1. What is strategic management and why is it important for businesses?

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 organization achieves its goals. It is important for businesses because it helps in setting priorities, focusing energy and resources, strengthening operations, ensuring that employees and other stakeholders are working towards common goals, and assessing and adjusting the organization’s direction in response to a changing environment.

2. What are the key components of strategic management?

Ans.The key components of strategic management include environmental scanning, strategy formulation, strategy implementation, and strategy evaluation. Environmental scanning involves analyzing internal and external factors affecting the organization. Strategy formulation is the process of creating strategies to achieve the organization's goals. Strategy implementation involves putting the formulated strategies into action, while strategy evaluation assesses the effectiveness of these strategies in achieving objectives.

3. How does strategic management differ from operational management?

Ans.Strategic management focuses on long-term goals and the overall direction of the organization, while operational management deals with the day-to-day operations and efficiency of the organization. Strategic management involves high-level planning and decision-making that impacts the entire organization, whereas operational management focuses on the execution of specific tasks and processes to achieve current objectives.

4. What are some common tools used in strategic management?

Ans.Common tools used in strategic management include SWOT analysis, PEST analysis, Porter’s Five Forces, and the Balanced Scorecard. SWOT analysis helps identify an organization's strengths, weaknesses, opportunities, and threats. PEST analysis evaluates the political, economic, social, and technological factors affecting the organization. Porter’s Five Forces model analyzes industry competitiveness, and the Balanced Scorecard is used to measure organizational performance against strategic goals.

5. How can organizations ensure effective implementation of their strategic plans?

Ans.Organizations can ensure effective implementation of their strategic plans by communicating the strategy clearly to all employees, aligning resources with strategic objectives, establishing a timeline for implementation, and monitoring progress regularly. Additionally, providing training and support to employees, fostering a culture that embraces change, and being flexible to make adjustments in response to feedback can significantly contribute to successful implementation.

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Oct 08, 2025 Last updated

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	Financial Management & Strategic Management for CA Intermediate 17 videos\|85 docs

Financial Management & Strategic Management for CA Intermediate

17 videos|85 docs

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