what is strategic management?

Answer 1

Strategic management is 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, usually performed by the company's Chief Executive Officer (CEO) and executive team. It provides overall direction to the whole enterprise. An organization’s strategy must be appropriate for its resources, environmental circumstances, and core objectives. The process involves matching the company's strategic advantages to the business environment the organization faces. One objective of an overall corporate strategy is to put the organization into a position to carry out its mission effectively and efficiently. A good corporate strategy should integrate an organization’s goals, policies, and action sequences (tactics) into a cohesive whole, and must be based on business realities. Business enterprises can fail despite 'excellent' strategy because the world changes in a way they failed to understand. Strategy must connect with vision, purpose and likely future trends.

Answer 2

This is the type of management where the company or organization is directed to a sudden large scale measure or movement purportedly to gain the market. The vision of the company is to adopt drastic changes so that there will be a profitable result. Strategic management is usually the work of the Chief Executive Officer or the President of the organization.

Answer 3

Top management makes a strategy for maximum utilisation of everything like men,machine and material. Ofcourse Money is the basic thing. How to best utilise them is called strategy management.