What is strategic management?

What is strategic management?

Strategic Management can be defined as “the art and science of formulating, implementing and evaluating
cross-functional decisions that enable an organization to achieve its objective.”

Interpretation:

1. On-going process:

Strategic management is a on-going process which is in existence through out the life of organization.

2. Shaping broad plans:

First, it is an on-going process in which broad plans are firstly formulated than implementing and finally
controlled.

3. Strategic goals:

Strategic goals are those which are set by top management. The broad plans are made in achieving the goals.

4. Internal and external environment:

Internal and external environment generally set the goals