Business Strategy Exam 1 Practice

Strategic management is the comprehensive process that combines crafting and implementing a company's strategy. It involves analyzing the external environment and internal capabilities, setting objectives, and formulating a plan, then translating that plan into actions through resource allocation, organizational design, and leadership, and finally monitoring results and adjusting as needed. This integrated approach distinguishes it from strategy formulation, which is about developing the plan, and strategy execution, which is about carrying out the plan. Tactical management isn’t the standard term for this end-to-end process.