strategic management

includes the comparison of the threats and opportunities of the organization in the external business environment. 

Can be affected by factors like government rules and regulations, the economy, social changes, change in customer preferences, technological advancement, competition, and other environmental factors.

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The outcomes of the planned functions and it should lead to the fulfillment of the company's mission.

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Broad master plan expressing how a company will accomplish its mission and objectives.

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A comprehensive guideline for making decisions linking the formation and implementation of a strategy.

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Taking action in order to attain the goals of the organization.  It requires organizing all the available and necessary resources to put the strategy into action.

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It requires an evaluation of the strategy to ascertain whether the actual outcome matches the expected outcome of the organizational goals.  The company can decide to take different corrective actions to control the shortcomings (if any) and help the strategy to meet the desired organizational goals and objectives.

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Gives a picture about what an organization must get into immediately to maximize opportunities and overcome threats.  Helps management to emphasize and concentrate on priorities that can influence an organization's resource potential and core competencies to achieve what may seem unachievable goals given its competitive environment

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is performed to contrast the internal assets and flaws of the trade with the external prospects and dangers

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The generation of long-term plans for the proper management of environmental openings and fears considering the fortes and faintness of the business or the company.

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An organization's purpose or the reason for its survival and how it is serving the society

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