Strategic Management
Definition Of Strategic Management There are many definitions for strategic management I chose four of them. Strategic management is defined as “the set of managerial decision and action that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. This means that the primary job of strategic management is to examine a business firm as a whole. Another definition : strategic management is derived from the concept of enterprise policy. This concept explains the organization as a system in which economic resources are applied effectively with the company’s functional activities coordinated around generating profit. This definition focuses on using economic recourses effectively. ...