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Strategic management is 1 of the essential and important topics related to the studies of business management which work to design, plan, retrieve and direct the strategic growth of a firm or organization so to make sure improved customer care and improved production rates. It consists of ethics of smart planning, general managerial procedures about supervisory planning, production control planning, production systems of cost controls, plant management strategies, effective trade planning, equipment planning, material planning & labor relation. To do and achieve all these processes; rational analysis, strategic skills, and acquaintance of planning of strategic values are the main essentials for an effective and successful business.

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Purpose of strategic management

Strategic management provides a lot of advantages organization that applies to it, comprises:

  1. Competitive advantage
  2. Achieving goals
  3. Sustainable growth
  4. Cohesive organization
  5. Increased managerial awareness

 

Figure: Purpose of strategic management

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