The industrial revolution brought challenges to managers and there was need for proffesional manager who would plan ahead and strategise.the daily operations and machine operations was left to the workers. Between 1916-1930 the fure plans of the company were refered to as long term planing.Henry fayol introduced the functions of management used till today.From 1945 to 1960 the future plans of the company were refered to as corporate plans .Fom 1962 to date the future plans are refered to as strategic management as defined by Alfred chandler. there is no universal defination of stategic management as each author defines the term based on the context and the organisation in which it is applied .
The general defination of strategic management covers strategy formulation,implementation and evaluation. Formulation covers the plans and assessment of the organisation before a strategy is formulated. Implementation includes provision of all required resources to enable the company attain it's objectives.Evaluation entails the setting of standards to measure performance and the targets to be achieved.
Strategic management is the act of mobllising resources, formulating, implementing and evaluating decisions that enables an organisation to realise it's objectives.The purpose of strategic management is to reduce future uncertainities.