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While the two concepts are sometimes used as synonyms or interchangeably with strategic management [5] strategic thinking is different from strategic planning [67] and both are components of.

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All Rights 20 Components of the Strategic Management Model (contd) • External Environment • Consists of all conditions and forces affecting firm’s strategic options and define its competitive situation • Includes three interactive segments – remote industry and operating environments • Strategic Analysis and Choice • Involves simultaneous assessment of external environment.

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