Evolution of the concept of Strategic Management
A word “strategy” has come from the original Greek word “Strategeia”. Meaning of word “strategeia” is as; art to become supreme army chief or its related science, commander in chief directs its army and gets victory, keeps control over area under his control, saves from attack of enemy and destroys their enemy also. It is necessary to make various plans and programs, to exchange required materials and recourses to achieve each object.
According to people of .Greek, Strategy is from special matter as against fighting war. Expert commander in chief has to maintain condition of supply. Also it is to be decided, when to fight the war or not to fight. For this, relations between people, politicians and leaders are required to be kept into account. According to this in concept of strategy, factors of planning and decision process are involved.
In 1920, Chairmen of M/s Sears Roseback & Co., Mr. General Robert Wood have adopted strategy in respect of motor vehicle business. Keeping popularity of motor vehicle into consideration, he expected that large part of people of rural area would migrate in city area, and they would prefer to purchase from retail shops, instead of placing direct orders to the company, by post. According to this, Rob’ert Wood made long-term strategy to enter into retail trading. He achieved very much success, though some difficulties at initial stage were faced. Utility of strategy concept has been increased, on account of changes in environment, affecting business mater. On account of considerable changes in environment recorded after Second World War, many business units have accepted the concept of managerial strategy.