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Strategic management full notes • 1. STRATEGIC MANAGEMENTUNIT- I STRATEGY AND PROCESS 9Conceptual framework for strategic management, the Concept of Strategy and theStrategy Formation Process – Stakeholders in business – Vision, Mission and Purpose– Business definition, Objectives and Goals - Corporate Governance and Socialresponsibility-case study. • Concept, Meaning, Definition:Strategy is the determination of the long-term goals and objectives of an enterpriseand the adoption of the courses of action and the allocation of resources necessary forcarrying out these goals.