Strategic Management
Year: 2015
Type: reference-entry
Abstract: Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage. The process of evaluation is concerned with assessment of the external and internal environments. Planning involves developing business models, corporate direction, competitive tactics, international strategy, acquisitions, and collaborative action. The implementation phase requires leadership to build the appropriate organizational structure, develop management culture, control the strategic processes, and steer the organization through ethical corporate governance. The outcomes of strategic activity are visible in the change in revenues, market shares, profits, and return on investment for stakeholders. The outcomes create a feedback loop which in turn affects the external and internal environment of the organization.
Source: Wiley Encyclopedia of Management
Author: Tanya Sammut‐Bonnici
Institutions: University of Malta, University of Warwick
Language: English
Subfield: Strategy and Management
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W4250239079