Question

Who should be involved in a strategic management organization?

Answer 1

Strategic management involves formulation and implementation/execution of strategic objectives of a firm by considering all the constraints and capabilities.

Strategic management process involves five phases -

• Goal setting
• Analyzing the internal and external environment
• Strategy formulation
• Strategy execution
• Control and evaluation

Below are the stakeholders that are involved in strategic management -

1. Chief executives and top management of the firm.

2. Employees (to an extent)

3. Line managers (to an extent)

4. Experts in functional areas