The underpinnings of strategic management hinge upon managers gaining an understanding of both the external and internal factors that affect organizations and their adaptation to remain innovative and competitive. Internal and external factors are competitors, markets, prices, suppliers, distributors, governments, creditors, shareholders, and customers, technology, employees and management. With this brief background of strategic management as a guide, do some research on the topic. Then create your personal definition of the term strategic management, stated in your own words. Credit should be given to outside sources and using APA formatting and writing standards.
“Without a strategy, an organization is like a ship without a rudder, going around in circles. It’s like a tramp; it has no place to go” ( Ross & Kami, 1973).
Ross, J. and Kami, M. (1973). Corporate management in crisis: why the mighty fall. Prentice Hall. Englewood Cliffs,