Define the various classifications of stakeholders in a company and their role in strategic management decisions.
Define the various classifications of stakeholders in a company and their role in strategic management decisions.
INTRODUCTION:
Strategic management is the process of setting objectives, analyzing the internal and external environment, and developing strategies to achieve those objectives. It also involves monitoring progress and making changes to the plan as needed.
The process of strategic management usually starts with a company's senior leaders. They are the ones who come up with the company's overall objectives. From there, they work with other managers to develop strategies to achieve those objectives.
Once the strategies are in place, it is up to the managers to implement them. This involves developing action plans, assigning tasks to employees, and monitoring progress. If the strategy is not working as planned, then the managers will need to make changes to the plan.
Strategic management is an important process for companies to go through. It helps them to set goals, develop strategies, and implement plans to achieve those goals.
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