Strategic management is the process of formulating and implementing strategies that enable an organization to achieve its long-term goals and objectives. It involves analyzing the external environment to identify opportunities and threats, as well as assessing internal strengths and weaknesses to determine the organization's competitive position. Once a strategic direction is established, managers must develop plans and initiatives to allocate resources effectively and align the efforts of employees towards common goals. This often involves setting clear objectives, defining key performance indicators, and establishing mechanisms for monitoring progress and making adjustments as necessary. Additionally, strategic management requires effective leadership to inspire and motivate employees, as well as the ability to navigate uncertainty and adapt to changing circumstances. By integrating strategic thinking into all levels of the organization, managers can create a sustainable competitive advantage and position the organization for long-term success Question: How does strategic management differ from day-to-day operational management within an organization, and why is it important to stnke a balance between the two?
Strategic management is the process of formulating and implementing strategies that enable an organization to achieve its long-term goals and objectives. It involves analyzing the external environment to identify opportunities and threats, as well as assessing internal strengths and weaknesses to determine the organization's competitive position. Once a strategic direction is established, managers must develop plans and initiatives to allocate resources effectively and align the efforts of employees towards common goals. This often involves setting clear objectives, defining key performance indicators, and establishing mechanisms for monitoring progress and making adjustments as necessary. Additionally, strategic management requires effective leadership to inspire and motivate employees, as well as the ability to navigate uncertainty and adapt to changing circumstances. By integrating strategic thinking into all levels of the organization, managers can create a sustainable competitive advantage and position the organization for long-term success
Question: How does strategic management differ from day-to-day operational management within an organization, and why is it important to stnke a balance between the two?
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