Strategic Management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decision that enables an organization to achieve its objectives. As this definition implies, strategies management focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and computer information systems to achieve organizational success but strategy must be closely aligned with purpose. Is this the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity. It is not a task, but a rather a set of managerial skills that ought to be exerted throughout the organization, in a wide array of functions. An organization’s strategy must be appropriate for its resources, environmental circumstances, and core objectives. The process involves matching the company's strategic advantages to the business environment the organization faces. One objective of an overall corporate strategy is to put the organization into a position to carry out its mission effectively and efficiently. A good corporate strategy should integrate an organization’s goals, policies, and tactics into a cohesive whole, and must be based on business realities. Business enterprises can fail despite 'excellent' strategy because the world changes in a way they failed to understand. Strategy must connect with vision, purpose and likely future trends.
Strategic management is an on going process depends on the nature and needs of the organization and its immediate external environment. Some organization has been around for many years and is in fairly stable marketplace, whose products and services are in an industry that is changing rapidly. The strategic management process is based on the belief that organization should continually monitor internal and external events...
Please join StudyMode to read the full document