Management
Strategic Management and Business Policy
Strategic management is a set of managerial decisions and actions that determines the longrun
performance of a corporation. It includes environmental scanning (both external and internal),
strategy formulation (strategic or long-range planning), strategy implementation, and
evaluation and control. The study of strategic management, therefore, emphasizes the monitoring
and evaluating of external opportunities and threats in light of a corporation’s strengths
and weaknesses. Originally called business policy, strategic management incorporates such
topics as strategic planning, environmental scanning, and industry analysis
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