Explain the external environment affect the strategic direction of a company
Strategic management is a comprehensive approach to planning, executing, and evaluating an organization's long-term objectives and initiatives to achieve sustainable competitive advantage. It involves formulating a clear vision and mission, analyzing internal and external environments, setting specific goals, and developing strategies to attain them. Strategic management requires ongoing monitoring and adjustment to align the organization's actions with its strategic goals. This diverse discipline encompasses strategic planning, goal setting, resource allocation, and performance measurement. Effective strategic management helps organizations adapt to dynamic environments, make informed decisions, and remain competitive.
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