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Strategic Management

Decision making is the most important functions of any manager. Strategic decision making is the prominent task of the senior management. Both kinds of decision making are essentially the same. The difference is in the level at which they operate. Strategy decision making is a responsibility of the senior management. This is very important for the management department.                                             
DEFINITION OF STRATEGIC MANAGEMENT : "Strategic management is the formulation and implementation of plans and carrying to the matters which are of vital pervasive or continuing important to the total organisation"                                                                            
  1. 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.''
                                                           

CHARACTERISTICS OF STRATEGIC MANAGEMENT
  • Process : Strategic  management is the process which deals with fundamental organisational renewal and growth with the development of strategic, structures and systems to the organisational goal.
  • Important of plan and activities: In strategic management, all plans and activities  are considered to be most important for an organisation activities.
  • Emphasis on Satisfaction: It emphasises on the satisfaction of stakeholders of an organisation. They are group of individuals who can significantly effects or to affected by an organisation's activities.
  • Importance of Strategic Decisions: It includes the importance of strategic decisions, which are concerned with the scope of an organisation's activities.
  • Phases and Elements of Business: It consists of different phases and has to consider various business elements while formulation and executing.
  • Regular Evaluation: It includes regulation to find out whether the business is going on a right track or not.
What is  strategic management process?

Strategic management is the emerging discipline that form the theoretical frame work for business policy. Strategic decision making is carried out through the process of strategic management. Strategic management include the determination or formulation implementation and evaluation of strategy. These activities constitute the most important elements of top management strategy job, as such they form a continuous process in organisational life. The process contains the setting up of broad objective and policies for their attainment.

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