Process of Conducting an External Audit: The identification & evaluation of those trends & events that are beyond the control of an organization is called external strategic management audit or external audit, e.g. population shift to sunbelt, increased foreign competition, information technology & computer revolution etc. As compare to Internal Audit, external audit is bit difficult to do so as it cover a lot amount of factors to analyzed. The external audit points out the important opportunities & threats that comes in front of the organization and therefore the management of the organization should develop proper strategies to avail those opportunities and to reduce of avoid the effects of threats.
Finance is business field which deals with the study of investment in business. In business finance just like a blood running in our body, you may have ideas, but without finance you can not give them real shape. We may also say the way we handled the money in big organization, firms and companies is known as Finance. Public finance, corporate finance and personal finance all are the different types of finance.
There are some of basic strategic management key terms that need to be considered at the beginning in order to completely understand strategic management. These strategic management key terms are eight in numbers and are the base of strategic management.
There are number of benefits of strategic management and now strategic management has become the necessity of the organization to become successful in the competitive world. There are many potential benefits that are associated with the strategic management.
Strategic management process is way through which management able to make and implement strategies, which are helpful for business organizations to achieve their objectives and goals. We may also says that strategic management process is a set of decisions along with actions done by managers to conclude long time performance of the organization. All the basic functions of an organization can be demonstrated through strategic management, such as planning & organizing, leading and controlling.
Strategic planning process is a way through which strategic fit is developed & maintained between the goals of the organization and capabilities & altering opportunities of the market. In fact planning is related to the actions of the organization & the ways of doing those actions. Those organizations that do not perform the function of strategic planning, actually plans for failure. In order to deal with the changing environments of the organizations, these must be visionary & farsighted and long term strategies should be prepared. The long term growth & survival of the organization is ensured through the strategic planning process by facing competition. The marketing function of the organization is essential to the strategic planning process because the useful information along with other inputs is provided through it. The planning is done for