How strategic management process can be approached
What are the various modes that the strategic management process can be approached?
Expert
The strategic management method can be approached in many modes. To gain an insight to how this might be completed, one well-established approach, comprising five steps that are illustrated below:
a) Establish mission and objectives.b) Undertake a position analysis.c) Recognize and assess the strategic options.d) Choose strategic options and formulate the plans.e) Perform, review and control.
Cost: The monetary value of resources employed or liabilities or sacrificed incurred to attain an objective, such as to obtain or make a good or to execute an activity or service.
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Differential Cost: The cost difference predicted when one course of action is adopted rather than others.
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