The term policy has more precise definition as compared to strategy. It has been derived from the Greek word ‘politeia’ meaning citizen and Latin word…

Strategy is now the more common term for what used to be called policy, though there is no consensus on this also. For example, some…

The process takes place in the following stages: The Strategic Planner has to define what is intended to be accomplished (not just desired). This will…

There are four essential phases of strategic management process. In different companies these phases may have different, nomenclatures and the phases may have a different…

Studies have revealed that organizations following strategic management have outperformed those that do not. Strategic planning ensures a rational allocation of resources and improvesco-ordination between…

To establish the vision of the firm, stating of corporate objectives, and strategic thrust areas, defining a comprehensive corporate philosophy and values, identifying the domains…

Each phase of strategic management process can be viewed to be consisting of a number of elements, which can be clearly defined with input and…

Vision of a company is rather a permanent statement articulated by the CEO of the company who may be Managing Director, President, Chairman, etc. The…

Strategic competitiveness is achieved when a company successfully formulates and implements a value-creating strategy. By implementing a value-creating strategy that current and potential competitors are…

From the above figure you will see the dynamic, interrelated nature of the elements of the strategic management process and provides an outline of where…