Strategic management is a process for analyzing a company's competitive situation, developing the company's strategic goals, and devising a plan of action and allocation of resources that will increase the likelihood of achieving those goals.

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Strategic management is more than a collection of strategic types. It is a process for analyzing a company's competitive situation, developing the company's strategic goals, and devising a plan of action and allocation of resources (human, organizational, and physical)that will increase the likelihood of achieving those goals.

Strategic Management Is a Process for Analyzing a Company's Competitive