Question: 1
What is Key features of strategic management? Long term approach - decisions are made over the long term, often for periods exc eeding one year Focused on organisational objectives - the aim being to ensure that the plan of acti on achieves the most important objectives for a wide group of key stakeholders Aligned with internal strengths and weaknesses - the aim should be to capitalise on the business strengths and overcome any key weaknesses. Devising a strategy will o ften follow a position audit of the business to ascertain the businesses current posit ion. Adapted to the changing business environment - so that changes in political, econo mic, social and technology factors are taken account of, while adapting to industry changes, such as competitive threats, supply issues or changing customer needs.
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