Strategic Management

The strategy is the determination of the long-term goals and objectives of an enterprise and the adoption of the courses of action and the allocation of resources necessary for carrying out these goals. A strategy is management's game plan for strengthening the organization's position, pleasing customers, and achieving performance targets. Strategic management is defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable the organization to achieve its objectives. Generally, strategic management is not only related to a single specialization but covers cross-functional or overall organization. Strategic management is a comprehensive area that covers almost all the functional areas of the organization. It is an umbrella concept of management that comprises all such functional areas as marketing, finance & account, human resource, and production & operation into a top-level management discipline. Therefore, strategic management has an importance in the organizational success and failure than any specific functional areas.