Monday, July 27, 2009
Objectives:
* To Define “Business Planning” or “Strategic Management.”
* To understand 3 stages of strategic management & its benefits.
The term “Strategic Management” is often used in academia, whereas “Strategic Planning” is often used in the business world. In some colleges and universities, “Strategic Management” is a subtitle of “Business Policy” course.
The Definition of Strategic Management or Business Planning.
Strategic management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.
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