What Is International Strategic Management? Critically Examine the Course of Strategic Decision Making, Identifying the Types, Processes and Implication for Managers

Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually

In simple understanding, strategic management refers to managing the resources so as to achieve the desired objectives and goals of an organization. In broader terms, it can be understood as a continuous process which

"Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are

Strategic management is the process where leaders establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans.

First, I should set my vision and mission towards the company’s profile to set the future goal. Objectives are set to reach the destination by achieving or successfully completing all the strategies by following through an action plan.

We have identified three ongoing processes- analyses, decisions, and actions- that are central to strategic management. In practice, these three processes – often referred to as strategy analysis, strategy formulation, and strategy implementation – are highly interdependent and do not take place one after the other in a sequential fashion in most companies.

Pearce and Robinson describe strategic management as the art of making complex, long-term, future-oriented decisions and taking actions that result in the formulation and implementation of plans designed to achieve a company's objectives. The process focuses on the belief that a firm's mission can be best be achieved through a systematic and comprehensive assessment of both its internal capabilities and its external environment (Pearce & Robinson, 2005). In the article Strategic Management, the strategic management process is described as the implementation of the company's strategy by executive management considering its resources, circumstances, and environment to position the organization to complete is mission in a

What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness

Strategic management straps up the comprehensive potential of an organisation by integrating operational plans into the strategic process. Strategic management is a task undertaken by the entire organisation all the time. It comprise combining ideas and acting towards the best idea and

Therefore, strategic management is an all-encompassing approach for formulating, implementing and evaluating managerial decisions in a way that permits the business to reach its objectives.

The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.

‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment

Strategic planning clearly defines organisations’ objectives and assesses both the internal and external situation to formulate strategy, implement the strategy, evaluate the progress, and make adjustments as necessary to stay on track (Bradford et al, 2008). According to Robbins and Coulter (2005), the strategic management process model is given below:

To set up the organization 's vision, mission, objective and target for the future advancement

Some companies – especially small ones with homogenous management team and very little exposure to international businesses and cultures – start their “strategic planning” by gathering information about their foreign market, potential market size, advantages and disadvantages of their products and services, and so on as they would for any