Strategy: A strategy is a plan of action designed to achieve a particular goal.
Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives
Strategic Management: It includes:
1.Making Strategies (Decisions)
2.To work upon those strategies
Strategic Management: Strategic Management is concerned with making decisions (strategies, implementing them by using the company resources in such a manner so that expansion, growth and survival of business is ensured.
According to Robinson:- “Strategic management is defined as the set of decisions and actions resulting in formulation and implementation of strategies, designed to achieve the objectives of an organizations”.
THE PROCESS OF STRATEGIC MANAGEMENT
In this section, we shall deal with four aspects:
1.Definitions of strategic management
2.Different Phases in the process of strategic management
3.Elements that the process contains
4.Model of strategic management
Definitions of Strategic Management
Acc. To Gluek (1984): “Strategic Management is a stream of decisions and actions which leads to the development of an effective strategy or strategies to help achieve corporate objectives”.
Acc. To Sharpin (1985): “Strategic management is the formulation and implementation of plans and carrying out of activities relating to the matters which are of vital, pervasive or continuing importance to the total organization.”
Phases in Strategic Management
Strategic management is a process consist of different phases which are sequential in nature. There are four essential phases in the strategic management process:
Elements in the Strategic Management Process
Each Phase of the strategic management process consists of a...