What does strategic management mean?

In today's competitive world, the process of formulating and implementing long-term plans to achieve specific objectives is called strategic management.

Strategies are policies or procedures adopted to deal with the actions of parties that may affect the implementation of the organization's plans.

 

Strategy has five characteristics and four levels.

 

* Features.

1. Long term process

2. Comprehensive plan

3. Art determination

4. The environment

5. Alertness.

 

* Level

1. Organizational strategy

2. Management strategy

3. Functional property strategy

4. Strategy at the operating stage.

 

Strategic management basically facilitates important decision-making by helping employees understand and analyze the overall business situation.

Pearce and Robbins to say– “Strategic planning is the process of formulating a long-term integrated plan to achieve the organization's objectives”.