The-definition.com

Definition

Strategic Management

Strategic management is the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives. It is the process of identifying and executing the organization’s strategic plan, by matching the company’s capabilities with the demands of its environment.

It  involves the planning, directing, organizing and controlling of a company’s strategy-related decisions and action. Strategic management is needed for large-scale, future-oriented plans by interacting with the competitive environment to achieve company objectives.

Share it:  Cite

More from this Section

  • Selection
    Selection involves predicting which applicants will be successful if hired. Screening ...
  • Steering Committee
    A Steering Committee is a type of special committee made up of Senior Executives which ...
  • Self-esteem
    Self-esteem is an individual’s degree of like or dislike for himself or herself. ...
  • Value chain analysis
    A perspective in which business is seen as a chain of activities that transforms inputs ...
  • Operating Environment
    Factors in the immediate competitive situation that affect a firm’s success in acquiring ...