What Is Strategic Management

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Answer Strategic Management can be defined as the art and science of formulating, implementing, and evaluating cross-functional decision that enables an organization to achieve its objectives. As this definition implies, strategies management focuses on integrating management, marketing, finance/accounting, production/operations, research and development, and computer information systems to achieve organizational success but strategy must be closely aligned with purpose. Is this the process of specifying an organization 's objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity. It is not a task, but a rather a set of…show more content…
The term strategic management in this text is used synonymously with the term strategic planning. There are a variety of perspectives, models and approaches used in strategic planning. The way that a strategic plan is developed depends on the nature of the organizations leadership, culture of the organization, complexity of the organizations environment, size of the organization, expertise of planners, etc. For example, there are a variety of strategic planning models, including goals-based, issues-based, organic, scenario which some would assert that scenario planning is more a technique than model. Goals based planning is probably the most common and starts with focus on the organizations mission, vision or value. Goals to work toward the mission, strategies to achieve the goals, and action planning (like who will do what and by when). Issue based strategies planning often starts by examining issues facing the organization, strategies to address those issues, and action plans. Strategy formulation and implementation is an on-going, often called the “action stage” and never-ending, integrated process requiring continuous reassessment and reformation. Strategic management is dynamic. It involves a complex
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