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1. Strategic management can be defined as the art and science of formulating, implementing, and evaluate cross-functional decisions that enable an organization to achieve its
1. Strategic management can be defined as the art and science of formulating, implementing, and evaluate cross-functional decisions that enable an organization to achieve its goals and objectives. A strategic plan is, in essence, a firm's game plan. As the competitive world increases, profit margins have become so slim that there is little room for error in the overall strategic plan. Strategic management involves strategy formulation, strategy execution, and strategy evaluation.
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