Strategic Management : Strategic Planning

847 Words4 Pages
Further, Hunger and Wheelen (2011) noted that strategic management has been defined as the set of managerial decisions and actions for determining the long run future of the organization. Here, the set of decisions and actions includes internal and external environmental scanning, strategic formulation (strategic planning), strategy implementation, and evaluation & control at all three levels. However, it has learned that origin of business strategy or, strategic management discipline was started after the second word-war, around the year 1950. School of Thoughts in Strategic Management Strategic management has become more versatile and broader field for research and managerial practice in last six decades. To provide univocal definition of strategy would mean ignoring the versatility of strategic management where partly competitive and partly supplementary partly paradigm emergence has been in strategy research. Here, the choice of definition and application of strategic management technique is greatly depend on the preference in school of thoughts one believe (Elfring & Volberda, 2001). According to Elfring & Volberda (2001), the school of thought can be viewed as the range of thought of specific group of researcher in particular field; that is also called institutional paradigm. The school of thoughts in strategic management started with Henery Mintzberg paper ‘Strategy Formation: School of Thoughts’ published in Jim Fredrickson’s collection ‘Perspectives on Strategic
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