Strategic management components can be summarized into three groups: environmental scanning, strategy formulation, and implementation, and strategy evaluation. Three levels of strategy are corporate-level strategy, functional-level strategy, and business-level strategy. The business-level strategy focuses on competition and creating a competitive advantage over the company’s rivals. Functional-level strategy with the support of business-level strategy and effectiveness of operations. The corporate-level strategy works with grand strategic decisions and defines the essence of the whole business and company.
Define the components of strategic management and discuss the three levels of strategy.
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Academic.Tips. (2023, February 12). Define the components of strategic management and discuss the three levels of strategy. https://academic.tips/question/define-the-components-of-strategic-management-and-discuss-the-three-levels-of-strategy/
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Academic.Tips. 2023. "Define the components of strategic management and discuss the three levels of strategy." February 12, 2023. https://academic.tips/question/define-the-components-of-strategic-management-and-discuss-the-three-levels-of-strategy/.
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Academic.Tips. "Define the components of strategic management and discuss the three levels of strategy." February 12, 2023. https://academic.tips/question/define-the-components-of-strategic-management-and-discuss-the-three-levels-of-strategy/.
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"Define the components of strategic management and discuss the three levels of strategy." Academic.Tips, 12 Feb. 2023, academic.tips/question/define-the-components-of-strategic-management-and-discuss-the-three-levels-of-strategy/.
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