EXAMPLE OF STRATEGIC MANAGEMENT

An example of strategic management would be a company in the retail industry, deciding to expand
its online presence in order to increase sales and market share.

The company's management team would conduct a thorough analysis of the market and the company's
current position, and identify the potential benefits and risks of expanding online.

They would then develop a strategic plan that outlines the steps required to successfully expand
online, including:

1. Building an e-commerce platform:

Developing a user-friendly and secure e-commerce platform that allows customers to purchase
products online.

2. Developing an online marketing strategy:

Creating and implementing an online marketing strategy to increase brand awareness and attract
customers to the company's website.

3. Optimizing logistics and supply chain:

Streamlining logistics and supply chain processes to ensure that products are delivered to customers in
a timely and efficient manner.

4. Developing a mobile app:

Developing a mobile app that allows customers to easily browse and purchase products on-the-go.

5. Building a customer service strategy:

Developing a customer service strategy that provides customers with quick and efficient assistance
with their online purchases.

6. Tracking and measuring success:

Implementing a system to track and measure the success of the online expansion, and making
adjustments as necessary.

7. Allocating resources:

Allocating resources such as budget, personnel, and technology, to support the online expansion.

Once the plan is in place, the management team would oversee its implementation and monitor
progress to ensure it is on track to achieve the desired outcome.

This process represents the strategic management process, which includes the analysis, development,
implementation and monitoring of a company's strategy.