"Strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates."
The process of formulating and implementing strategies to achieve an organization's objectives, including environmental analysis, strategy formulation, and implementation.
Mission, Vision and Objectives: Identifying the organization's purpose, long-term direction and goals.
SWOT Analysis: Analyzing the organization's strengths, weaknesses, opportunities and threats to develop strategies.
Corporate Social Responsibility: Taking into account the organization's social and environmental impact when developing strategies.
Competitive Advantage: Identifying what sets the organization apart from its competitors and leveraging it to gain an advantage.
Strategic Planning: Developing a long-term plan of action to achieve the organization's goals.
Risk Management: Assessing and managing risks that may impact the organization's ability to achieve its goals.
Resource Allocation: Determining how to allocate resources such as time, money and personnel to achieve organizational goals.
Organizational Structure: Creating a structure that supports the organization's strategy and goals.
Leadership and Culture: Developing a culture that supports the organization's strategy and goals and identifying leaders who can effectively execute it.
"Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans."
"Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics."
"Management theory and practice often make a distinction between strategic management and operational management, with operational management concerned primarily with improving efficiency and controlling costs within the boundaries set by the organization's strategy."
"Michael Porter identifies three principles underlying strategy: creating a 'unique and valuable [market] position,' making trade-offs by choosing 'what not to do,' and creating 'fit' by aligning company activities with one another to support the chosen strategy."
"Corporate strategy involves answering a key question from a portfolio perspective: 'What business should we be in?'"
"Business strategy involves answering the question: 'How shall we compete in this business?'"
"Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning."
"Strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders."
"[Strategic management] is based on consideration of resources and an assessment of the internal and external environments in which the organization operates."
"Strategic management involves specifying the organization's objectives, developing policies and plans to achieve those objectives..."
"Operational management concerns improving efficiency and controlling costs within the boundaries set by the organization's strategy."
"Models and frameworks assist in strategic decision-making in the context of complex environments and competitive dynamics."
"Strategic management is not static in nature..."
"Strategic management provides overall direction to an enterprise..."
"Strategic management involves... allocating resources to implement the plans."
"Creating 'fit' refers to aligning company activities with one another to support the chosen strategy."
"The models can include a feedback loop to monitor execution and to inform the next round of planning."
"Management theory and practice often make a distinction between strategic management and operational management..."
"Making trade-offs by choosing 'what not to do' is one of the principles underlying strategy according to Michael Porter."