Answered: What is a strategy and what are the…

Business

Management

What is a strategy and what are the four strategic management processes?

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter8: Strategic Analysis: Understanding A Firm’s Competitive Environment

Section: Chapter Questions

Problem 1CRQ: Why do managers use strategic analysis?

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Question

What is a strategy and what are the four strategic management processes?

Expert Solution

Step 1

A strategy is tied in with coordinating hierarchical exercises and using and allotting the scarce assets inside the organizational environment to meet the current targets. While planning a strategy it is basic to consider that choices are not taken in a vacuum and that any demonstration taken by a firm is probably going to be met by a response from those influenced, competitors, clients, representatives or suppliers.

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