Strategic management is a field that deals with the major intended and emergent initiatives taken by general managers

on behalf of owners, involving utilization of resources, to enhance the performance of rms in their external environments. It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. Strategic management is a level of managerial activity under setting goals and over Tactics. Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment. Strategic Management can also be defined as "the identification of the purpose of the organisation and the plans and actions to achieve the purpose.

The strategic management process represents a logical, systematic, and objective approach for determining an enterprise's future direction. However, a clear separation is needed between the managerial process by which an organization formulates, evaluates, implements, and controls the relationships between its objectives, its strategies, and its environment. Strategy Formulation Strategy formulation is the process of establishing the organization's mission, objectives,and choosing among alternative strategies. Sometimes strategy formulation is called" strategic planning ." Strategy Implementation Strategy implementation is the action stage of strategic management. It refers to decisionsthat are made to install new strategy or reinforce existing strategy. The basic strategy -implementation activities are establishing annual objectives, devising policies, andallocated resources. Strategy implementation also includes the making of decisions withregard to matching strategy and organizational structure; developing budgets, andmotivational systems. Strategy Evaluation And Control The final stage in strategic management is strategy evaluation and control. All strategiesare subject to future modification because internal and external factors are constantlychanging. In the strategy evaluation and control process managers determine whether thechosen strategy is achieving the organization's objectives. The fundamental strategyevaluation and control activities are: reviewing internal and external factors that are the bases for current strategies, measuring performance, and taking corrective actions Strategic Management Models Strategic management is a broader term that includes not only the stages already identified but also the earlier steps of determining the mission and objectives of an organization within the context of its external environment. The basic steps of the strategic management can be examined through the use of strategic management model. The strategic management model identifies concepts of strategy and the elements necessary for development of a strategy enabling the organization to satisfy its mission .Historically, a number of frameworks and models have been advanced which propose different

normative approaches to strategy determination. However, a review of the major strategic management models indicates that they all include the following elements: 1.Performing an environmental analysis. 2.Establishing organizational direction. 3.Formulating organizational strategy. 4.Implementing organizational strategy. 5.Evaluating and controlling strategy. Greenly stated that strategic management offers the following benefits:
1. It allows for identification, prioritization, and exploitation of opportunities. 2. It provides an objective view of management problems. 3. It represents a framework for improved coordination and control of activities. 4. It minimizes the effects of adverse conditions and changes. 5. It allows major decisions to better support established objectives. 6. It allows more effective allocation of time and resources to identified opportunities. 7. It allows fewer resources and less time to be devoted to correcting erroneous or ad hoc decisions. 8. It creates a framework for internal communication among personnel. 9. It helps integrate the behavior of individuals into a total effort. 10. It provides a basis for clarifying individual responsibilities. 11. It encourages forward thinking. 12. It provides a cooperative, integrated, and enthusiastic approach to tackling problems and opportunities. 13. It encourages a favorable attitude toward change. 14. It gives a degree of discipline and formality to the management of a business.

CONSUMER BEHAVIOR Consumer behaviour is the study of when, why, how, and where people do or do not buy a product. It blends elements from psychology, sociology, social anthropology and economics. It attempts to understand the buyer decision making process, both individually and in groups. It studies characteristics of individual consumers such as demographics and behavioral variables in an attempt to understand people's wants. It also tries to assess influences on the consumer from groups such as family, friends, reference groups, and society in general. Customer behaviour study is based on consumer buying behaviour, with the customer playing the three distinct roles of user, payer and buyer. Research has shown that consumer behavior is difficult to predict, even for experts in the field.[1] Relationship marketing is an influential asset for customer behaviour analysis as it has a keen interest in the re-discovery of the true meaning of marketing through the reaffirmation of the importance of the customer or buyer. A greater importance is also placed on consumer retention, customer relationship management, personalization, customization and one-to-one marketing. Social functions can be categorized into social choice and welfare functions.

PRODUCT MANAGEMENT Product- a product is anything that can be offered to a market that might satisfy a want or need. In general, the product is defined as a "thing produced by labor or effort"[1] or the "result of an act or a process", and stems from the verb produce '(to) lead or bring forth. Management- The organization and coordination of the activities of an enterprise in accordance with certain policies and in achievement of defined objectives. Management is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization (a group of one or more people or entities) or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and manipulation of human resources, financial resources, technological resources and natural resources. Product management is an organizational lifecycle function within a company dealing with the planning, forecasting, or marketing of a product or products at all stages of the product lifecycle.. product life cycle Product life-cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.

Product life-cycle (PLC) Like human beings, products also have an arc. From birth to death, human beings pass through various stages e.g. birth, growth, maturity, decline and death. A similar life-cycle is seen in the case of products. The product life cycle goes through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. Product life cycle (PLC) has to do with the life of a product in the market with respect to business/commercial costs and sales measures. Market introduction stage Growth stage Maturity stage Saturation and decline stage

Direct marketing is a channel-agnostic form of advertising that allows businesses and nonprofits to communicate straight to the customer, with advertising techniques such as mobile messaging, email, interactive consumer websites, online display ads, fliers, catalog distribution, promotional letters, and outdoor advertising. Direct Advertisement