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Strategy Management Planning

The art of managing the employees in a manner which maximizes the chances of the organization to achieve its desired goal can be called as strategic management. Strategy management basically involves strategy planning as well. Small organizations generally engage in strategic management in order to adapt themselves to the latest trends and external changes.

Strategy management generally starts with setting up of a goal to be achieved with a view that the organization gets benefited. Analysing the strategy formation by identifying the strengths and weakness of the companies is a key concept of strategic management. Other than the internal assessments, an organization has to do the outer assessments as well as the latest technology/trends to be worked on. Using the analysis done during the strategy formation, methods have to be devised on how to increase the profitability of the organization by making decisions on how to address the key issues that the organization is facing currently.

Putting the planned strategies into actual practice is the next big step. Organisation implements strategies for creating budgets, programs, and policies to meet the financial, management, human resources, and operational goals.Strategy monitoring being the last step in strategic management is nothing but the evaluation and comparison of the anticipated results with the actual result. Through this, an organization comes to know when and where the strategy is failing and at what step the changes have to be made in order to adapt to the latest trend.  

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