What is Strategic Management?
As per general opinion, strategic management means, strategic, planning implemented by the management for solution of various problems arose in the area of production, employees, and finance to the business unit.
According to Lorance Jauch & William Gulic, “Strategic management is a stream of decision and actions which leads to the development of an effective strategy or strategies to help to achieve corporate objectives. The strategic management process is the way in which strategists determine objectives and make strategic decisions.”
According to John Pearce and Richard Robinson, “Strategic management is the set of decisions and action resulting formulation and implementation of strategies designed to achieve the objectives of an organization.”
According to Alfred & Chandler, “Strategic management is the determination of the long term goals and objectives of an enterprise and the adoption of course of action and allocation of resources necessary to carry out the goals.”
According to Paine and Naumes, “strategic management involves the decision making and the activities in an organization which (1) have wider ramification (2) have a long time perspective and (3) use critical resources towards perceived opportunities of threats in a changing environment
On the basis of above definitions, it can be clearly stated that strategic management is process, in which, grand strategy is arrived out, by selection of alternative out of various alternatives, for achieving objectives, by making analysis and evaluation of internal as well external environmental factors, which are effecting mission of the company. Moreover, for its effective implementation, financial as well nonfinancial decisions are taken and at the end of its implementation; its evaluation is undertaken.