Who is Michael Porter? What is his argument as it relates to business strategy?
Who is Michael Porter? What is his argument as it relates to business strategy?
Strategic management is the process of planning, organizing, monitoring, analyzing, and controlling all the requirements of an organization that is compulsory to meet its goals and objectives. The changing business environment requires organizations to continuously assess their internal and external factors for making strategies to succeed. This strategic management process helps the businesses to analyze their present situation, figure out strategies, employ them and evaluate the effectiveness of the implemented strategies. The strategic management process consists of five basic strategic elements that can differ in implementation depending on the certainties and uncertainties of the business environment.
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