Strategic management is a broader term and should not be confused with strategy. It is the process of planning, monitoring and analyzing the status of the company in order to meet the goals and objectives. To summarize, it is the steps or actions that are necessary to achieve the goal of the organization. Strategies are not formulated every day. There are usually derived by the top executives of the company, and presented to the board of directors in order to ensure it is parallel with the expectations of stakeholders of the company.
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