Strategy and strategic management

Strategy is a plan or set of guiding principles that an organization uses to achieve its goals and succeed in its environment. Strategic management is the ongoing process of analyzing the organization’s strengths, weaknesses, opportunities, and threats, then making decisions to allocate resources effectively. It involves setting objectives, choosing actions to reach them, and adjusting as conditions change. Essentially, it helps an organization navigate toward long-term success by aligning resources and efforts with its vision and competitive landscape.