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The discipline of strategic management involves establishing and implementing plans that direct an organization to achieve its goals. It can encompass all managerial activities including setting goals and determining the steps required to achieve them. This process includes evaluating strategies and making adjustments. To be a successful career as a strategist, a degree, experience in leadership or management positions, and mentorship can all be helpful qualifications.

The first step of the process of strategic management is goal-setting. This is where leaders establish and define the company’s vision values, ethos, values, and goals for the operation. They then establish and define specific goals that are measurable, achievable and relevant. Teams of leaders should review these goals as well as the KPIs they use to support them annually to ensure they are in line with their objectives.

In the next stage Strategic managers then analyze the situational factors that influence the progress of an organization. This includes the environment of competition, economic trend and potential risks and benefits. They utilize this information to devise strategies that will help a business overcome obstacles and achieve its goals.

The third stage of strategic management is implementation which is the actual execution of the chosen tactics. This requires a high level of coordination, communication and resources to make sure that the strategies are put in place across all departments and different levels within the organization. It also involves evaluating cross-functional business decisions and making sure they align with the strategic plan. It is important to regularly communicate employees how their day-to-day work translates into meeting the goals laid out in the strategic planning process, and how those goals relate to the overall objectives of the company.