Answer to Question #238950 in Management for suvi

Question

1.1 Explain the strategic management process that Standard Bank needs to follow to remain
competitive and to gain more market share

Answer 1

Strategic management comprises the ongoing planning, monitoring, analysis, and assessment of all requirements that a company must accomplish to meet its goals and objectives. Firms will need to reevaluate their success tactics on a frequent basis as the business climate changes. Businesses can use the strategic management process to examine their existing state, establish strategies, implement them, and evaluate the effectiveness of their management approaches. There are five types of strategic management strategies, each of which can be implemented differently depending on the situation. Strategic management benefits both on-premise and mobile platforms.