Strategy outlines how management plans to achieve its objectives. Strategy is the product of the strategic management process. Strategy is like the blueprint of decisions an organisation takes in order to achieve its objectives and goals, and plans for achieving these goals, and defines the business the company is likely to pursue, the type of economic and human organisation it [...]
Strategy implementation refers to various activities involved in executing the strategies of an organization. In simpler words, strategy implementation puts an organization's strategies into action through various procedures, plans and programs. Strategy implementation involves actions and tasks that are needed to be performed after the formulation of strategies. It is influenced by management's perspective, as management sets the strategies that [...]
Strategic management plays significant role in functions of organizations. In a business organization, these functions are production/operations, marketing, finance, and human resource, commonly referred to as functional areas of management. Strategic aspects of these areas are closely linked with strategic management. As a result, the current trend is to prefix the term 'strategic' in these areas. Besides, because of globalization, [...]