What Are the Primary Aspects of the Strategic Management Process

question 55

Essay

What are the primary aspects of the strategic management process? You may reference specific chapters from the text in formulating your response.

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Definitions:

Extrinsic Rewards

Tangible rewards given to employees for performing specific tasks or reaching objectives, including money, gifts, or other physical rewards.

Intrinsic Rewards

Refers to non-material rewards such as personal achievement, professional growth, sense of pleasure and accomplishment.

Compensation Strategy

A plan established by an organization to attract, retain, and motivate employees through monetary and non-monetary rewards.

Effective Compensation

A pay and benefits package designed to attract, retain, and motivate employees.