Strategic management is a versatile and self explanatory concept. It is the need of the hour in todays dynamic corporate environment .
Strategic Management , where the word strategy means a plan of action designed to achieve a long-term or overall aim. Strategic management is about managing and organizing the business work strategically.
The overall objective of strategic management is –
1.To create competitive advantage over other firms or business.
2. To guide the business throughout any changes that occurs due to dynamic environment.
Strategic management provides a visionary and accurate approach to move ahead successfully in everchanging corporate world . In order to survive for a long an organization must have strategic manager . Through proper implementation of this, changes due to technological development, globalization and de regulation can be easily managed .
In other words , strategic management is a managerial process of developing strategic vision ,setting objective, strategy implementation and evaluation and finally initiating corrective actions. It is cyclic in nature and is never ending process. this process mainly carries out the planning, formulating, implementing policies and evaluating the external and internal environment dynamic environment. It helps in identifying the threat and opportunities for the organization .