STRATEGIC MANAGEMENT: A CONCEPT, ESSENCE AND CONTENT

Abstract

The conditions of fierce competition in the functioning of companies make it necessary to constantly improve the process of managing activities and strategic management is the way of a company.

Strategic management consists of a series of business decisions and actions that determine the long-term performance of a company. Strategic management enables a company to function successfully in a complex and dynamic environment. It is environmental scanning (internal and external), strategy development (strategic plan and long-term planning), strategy implementation, evaluation and control. Strategic management emphasizes the evaluation and monitoring of external business opportunities and challenges, taking into account the company's strengths and weaknesses.