Definition Of

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.