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Strategic management is a key factor for successful businesses. Strategic Management is the systematic analysis of all factors associated with customers, markets, and competitors (external environment) and the business organization itself (internal environment) to provide the basis for maintaining optimum management practices. The objective of strategic management is to achieve better alignment of corporate policies and business priorities.
In a business plan, the business strategy results from goals established to support the stated mission of the specific business. A typical business strategy is developed in three separate steps: analysis, planning, and implementation.