Understanding Business
Understanding Business
12th Edition
ISBN: 9781259929434
Author: William Nickels
Publisher: McGraw-Hill Education
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Explain the concept of strategic management and its role in achieving long-term organizational success.

Expert Solution
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Step 1: Define SWOT analysis as a approach to strategic management

SWOT analysis is one of the most crucial approaches to strategic management. It has a significant role to play as it can analyze the competitive position of the organization and help in strategic planning and decision-making. It can help in anticipating potential changes, internal and external variables, and their strength and weaknesses.

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