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Abstract:
Strategic management is a
critical component of every organization to give directions as a road map in
order to achieve competitive advantages.
It also ensures goals are set, resources and time are provided to
accomplish it.At the same time, it also ensured that external challenges are
taken care of, adverse situations are tackled and threats are analyzed to turn
them into possible opportunities. Apart
from providing directions ensuring environmental challenges, it also fosters
effective decision making, cost cutting, employee motivation and improving
overall organizations performance.
Having a strategy is important step towards solving numbers of insistent
problems. Thus, this
paper endeavors to look at what research says about the major factors that
contribute to strategic management. In
addition, the paper presents the model for the empirical study of strategic
management using these factors as independent variables and the strategic
management as the dependent variable. The researcher suggests for the future
research that the qualitative method might be used in addressing the research
questions that might arise from this model.
The researcher believes that qualitative approach to the study of
strategic management provides an empirical data and will help to identify the
most influential factors that contribute to the disparities of the strategic
management practices in organizations.
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