What is a ‘strategic group’ and give an example.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
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-What is a ‘strategic group’ and give an example.
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Introduction
Strategic management refers to a process of determining and setting the mission, vision, goals, and objectives of the organization. It is long-term planning that lists concrete business actions to accomplish set goals and objectives and realize the mission and vision of the organization.
Businesses cannot function without strategic management. Strategic management is the systematic process of setting strategies for the organization and serves as a guiding tool on how to stay ahead of rival firms.
Objectives of strategic management:
- To achieve organizational goals
- To gain a competitive advantage
- Help the organization to achieve sustainable growth
- To guide the organization on surviving changes.
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