Explain the concept of strategic management and its role in achieving long-term organizational success.
Explain the concept of strategic management and its role in achieving long-term organizational success.
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Explain the concept of strategic management and its role in achieving long-term organizational success.
Expert Solution
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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