➢Strategic management: what managers do todevelop the organization’s strategies➢Strategies: the plans for how the organization willdo what it’s in business to do, how it will competesuccessfully, and how it will attract and satisfy itscustomers in order to achieve its goals➢Business model: how a company is going tomake money (e.g., maximize profit) Why is Strategic Management Important?➢Should have a positive impact on performance➢Helps managers decide how to act in face ofchange and uncertainty➢Helps complex and diverse organizations worktogether Step 1: Identifying the Organization’sCurrent Mission, Goals, and StrategiesMission: the statement of purpose of an organizationNYU—SPS Mission Statement:Established in 1934, the NYU School of Professional Studies has fostered a richtradition of serving the […]