Answer to Question #241336 in Management for shaesha

Question

discuss the strategic management process that Standard Bank needs to follow to remain

competitive and to gain more market share.

Answer 1

Answer.

Strategic management entails the continuous planning, monitoring, analysis, and evaluation of all requirements that a business must meet in order to achieve its goals and objectives. Changes in the business climate will need firms to reevaluate their success methods on a regular basis. The strategic management process assists businesses in assessing their current condition, developing plans, implementing them, and evaluating the effectiveness of their management methods. Strategic management strategies are divided into five categories, each of which can be implemented differently depending on the circumstances. On-premise and mobile platforms both benefit from strategic management. So, how does a bank go about achieving such goals? Budget cuts that are applied uniformly are doomed to fail. These savings are usually more than necessary in places that are already productive, and they are insufficient in the most inefficient areas. The most effective efficiency programs take a more analytical approach that takes into account the unique circumstances that each line of business and support function faces.