Strategic management is the management of an organization’s or company resources to achieve its goals and objectives. Strategic management consists of the analysis, decisions, actions an organization undertakes.
Strategic management is concerned with the analysis of the hierarchy of the strategic goals (vision, mission, and strategic objectives) along with the analysis of the internal and external environment of the organization. Then we must make strategic decisions. And last are the actions that must be taken. Decisions are useless if they are not acted on.
Key atributes of strategis management:
Directs the organization toward overall goals and objectives.
Involves the inclusion of multiple stakeholders in decision making.
Needs to incorporate short-term and long-term perspective.
Recognizes trade-offs between efficiency and effectiveness.
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Strategic Management
