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History and Future of Strategic management Author’s Name: Institute Affiliation: Abstract The term strategy started out by being used as a military approach in its operations. As from 1940, it started being used in other areas as well. It has been noted to have developed through five phases over the years. The phases are; basic financial planning, long-range planning, strategic planning, strategic management and the complex systems. The complex system's strategy consists of the complex dynamic systems and the complex static systems. This essay covers the evolution of strategy, all the way up to strategic management in the business environment. It discusses all the five major phases of development individually as well as other minor phases. The works of notable scholars, theorists, and organizations that made a significant contribution to strategic management have also been discussed. Numerous ways of conceptualizing effective strategic management have been discussed as well as their application. This essay shows that the success and profitability of business are linked to the ability of its strategists to not only develop a sustainable plan but also implement it. Development of such plans requires taking into account the dynamics and complexity of the business environment. By understanding the history and future of strategic management, strategists are able to conceptualize external and internal business environment and make viable business plans. It wasn’t until 1940, that strategy started being viewed as an aspect that can be used in different areas other than in military operations. The strategy has developed through five phases over the years. These have
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