Cima E2 Exam Question No 3

Question No 3:

Key features of strategic management?

Answer:

Long term approach - decisions are made over the long term, often for periods exceeding one year Focused on organisational objectives - the aim being to ensure that the plan of action achieves the most important objectives for a wide group of key stakeholders Aligned with internal strengths and weaknesses - the aim should be to capitalise on the business strengths and overcome any key weaknesses. Devising a strategy will often follow a position audit of the business to ascertain the businesses current position. Adapted to the changing business environment - so that changes in political, economic, social and technology factors are taken account of, while adapting to industry changes, such as competitive threats, supply issues or changing customer needs.