Management Strategy (Strategic Management)

The video tutorial explains strategic management as a process used by companies to achieve their goals. It distinguishes between prescriptive and descriptive approaches to strategy, focusing on planning and implementation. Key elements of a management strategy include orientation, objectives, and tactics. These elements are organized into a strategic plan, which serves as a detailed roadmap for achieving objectives through specific activities and processes, aligned with organizational goals and orientation.

Explain the role of tactics in achieving objectives.

What is the significance of a strategic plan in an organization?