Key Components of Strategic Management Models

A Study on Strategic Management Models

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Strategic management according to Hitt, Ireland & Hoskisson (2014) involves the process of formulation and implementation of a company is a major initiatives and goals by the top management on behalf of the company’s owners. This is done after considering the resources and assessing the external and internal environments where the company competes. Brown (2015) asserted that strategic management involves specifying the objectives of a company, developing plans and policies geared to achieving the objectives, allocate resources for implementing the plans and provides the direction for an organization.

According to Barney & Hesterly (2015) activities of strategic management differ from one company to the other. However, when examining the strategic management operations, the basic components of a model of strategic management are very parallel. Some components of the model of strategic…