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Welcome to the world of Strategic Management! If you are new to the topic or would like to refresh your understanding, this introduction will be a helpful guide.

Strategic Management can be defined as “the process by which organizations define and develop their long-term objectives, analyze internal and external environments in order to craft strategies that will guide them toward those objectives, and manage resources to execute those strategies.” This process helps organizations achieve their goals while navigating the everchanging competitive environment.

At its core, Strategic Management involves strategy development – creating a plan that outlines how an organization will accomplish its goals in a competitive marketplace. It also involves managing organizational performance, determining what strategic objectives must be met in order for the organization to succeed. Leadership roles play a critical part in Strategic Management; leaders must have the ability to effectively communicate and implement strategies across all levels of the organization.

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An organization's resources must also be carefully managed in order for it to reach its desired outcomes. This includes accessing and allocating both financial resources and human capital. After implementing its chosen strategy, it is important for an organization to regularly evaluate its performance against set objectives and make adjustments or replace strategies as needed. 

By taking a holistic view of an organization's goals, environment, resources, leadership roles and strategy implementation, Strategic Management provides invaluable guidance for organizations who strive to reach their full potential in today's market landscape.

 

Corporate Social Responsibility & Sustainability in Strategy Making

Corporate social responsibility (CSR) and sustainability have become increasingly important components of strategic decision-making. As global leaders consider their approach to strategy making, they must take into account issues of environmental protection, human rights, and long-term sustainability. Corporate social responsibility (CSR) initiatives involve companies taking active steps to promote the wellbeing of their communities, employees, customers, and the environment—all with an eye towards making a positive impact on society.

Sustainable strategy making is becoming even more critical as global markets shift. Companies must consider how their decisions will impact the environment for years to come. This requires a thorough analysis of current trends and market needs so that decisions can be made from both a short and long-term perspective. For example, when making decisions about manufacturing operations, a company should ask questions like “Will our production processes cause pollution?” or “How will these operations impact our carbon footprint?” 

Additionally, companies should assess how their strategies are impacting their local communities and employees. Are there any risks associated with any changes to operational strategy? It’s important for companies to be mindful of potential negative impacts on people or the environment that might result from strategic decisions involving employees or resources. 

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Finally, it’s important to remember that sustainability should be built into every aspect of corporate strategy making. Companies need to view sustainability as an integral part of their entire business model—from production practices to employee relations to consumer engagement. By integrating CSR into your overall vision, you can ensure your company is making decisions that benefit both business objectives and the planet in equal measure.

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