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Strategic Management
Strategic management is the art and science of formulating, evaluating and implementing strategy
in a business organization in the today's fast changing environment in order to achieve long term
objective of the organization.
Strategic management can be thought of having three elements within it. Strategic management
includes the understanding of
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a) Strategic position
Strategic position of an organization is concerned with impact, on a strategy, of
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external environment,
strategic capability,
expectations and influence of stakeholders
b) Strategic Choices
Strategic choices involve understanding of
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underlying bases for future strategy at both level ( corporate and business ) of organizations,
the options for developing strategy in terms of both of the directions in which strategy might
move, and
the methods of strategy development.