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Strategic management is the process of assessing the corporation and its environment in order to meet the firm's long-term objectives of adapting and adjusting to its environment through manipulation of opportunities and reduction of threats.
[...] 'Strategic Management' as 'the process of strategic change' (Bowman and Asche 1987) or as 'the process of making and implementing strategic decisions', 'strategic decisions' being those 'that determine the overall direction of an enterprise and its ultimate viability in light of the ... changes that may occur in its ... environments' (Quinn 1980).
The feedback loop [...] indicates that strategic planning is ongoing; it never ends. Once a strategy has been implemented, its execution must be monitored [...]. This information and knowledge is returned to the corporate level through feedback loops, and becomes the input for the next round of strategy formulation and implementation.
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