Answer to Question #229679 in Management for Anna

Question

1.1 Explain the strategic management process that Standard Bank needs to follow to remain 

Answer 1

Strategic management process that Standard Bank needs to follow to remain competitive include goal-setting, analysis, strategy initiation, strategy adoption and strategy monitoring. The objective of goal-setting is to establish the bank's vision. The study should be focused on determining the needs of the bank as a long-term entity. The success of a bank endeavour relies on the adoption of a successful plan. Performance measures, a continuous assessment of internal and external concerns, and remedial action are all examples of strategy evaluation and control activities.