Definition of Strategic management:
Strategic management is the management of an organization’s resources to achieve its goals and objectives. Strategic management involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization.
The systematic analysis of the factors associated with customers and competitors (the external environment) and the organization itself (the internal environment) to provide the basis for maintaining optimum management practices. The objective of strategic managementis to achieve better alignment of corporate policies and strategic priorities.
Strategic management is divided into several schools of thought. A prescriptive approach to strategic management outlines how strategies should be developed, while a descriptive approach focuses on how strategies should be put into practice. These schools differ on whether strategies are developed through an analytic process, in which all threats and opportunities are accounted for, or are more like general guiding principles to be applied.
How to use Strategic management in a sentence?
- Being good at strategic management will help you to out think your competitors and stay one or two moves ahead of them.
- Companies, universities, nonprofits, and other organizations can use strategic management as a way to make goals and meet objectives.
- Flexible companies may find it easier to make changes to their structure and plans, while inflexible companies may chafe at a changing environment.
- A strategic manager may oversee strategic management plans and devise ways for organizations to meet their benchmark goals. .
- The lads strategic management course proved to pay dividends when he found himself stranded on a desert island with an angry bear.
- When you are trying to find new ideas a good strategic management plan can lead you where you need to go.
Meaning of Strategic management & Strategic management Definition