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Strategic management is what managers do to develop the organization's strategies. |
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What are the organization's strategies? These comprise the decisions and actions that determine the long-run performance of an organization. |
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Through strategic management, managers establish the strategies for how the organization will do whatever it is in business to do, how it will compete successfully, and how it will attract and satisfy its customers in order to achieve goals. |
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It is an important task of managers and ultimately entails all of the basic management functions; planning, organizing, leading and controlling. |