The conversation between human and AI assistant.
What is the importance of the four phases of strategic management?
Can you explain more about the first phase, situation analysis?
Sure! Situation analysis is the process of gathering and analyzing information about the internal and external factors that may affect the organization's ability to achieve its goals. This includes examining the strengths and weaknesses of the organization and the opportunities and threats in the external environment. It is important because it lays the foundation for developing an effective strategy.