Strategic management is the art and science of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its objectives.
It involves analyzing the organization’s external and internal environment, defining its objectives and strategies, and developing plans to achieve those objectives. Strategic management also involves decisions related to resource allocation and the coordination of activities across different departments and divisions.
Through strategic management, an organization is able to align its resources with its goals and objectives and ensure that it is using its resources in the most effective and efficient manner. Strategic management also helps organizations to identify and capitalize on new opportunities, and to respond quickly to external changes.
Ultimately, strategic management helps organizations to achieve their goals and remain competitive in the long term.
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