Definition of Strategic Management

Posted by The New Economics Education

Strategic management is an art and knowledge in formulating, implementing and evaluating decisions that cross-functional make a company achieve its goals. Sometimes, istilas strategic management is used to refer to the formulation, implementation and strategic evaluation. While the strategic plan refers only to the formulation of strategy. Strategic management goal is to exploit and create new and different opportunities for tomorrow; instead try to optimize today's trends for tomorrow. Term strategic planning first emerged in the 1950s and became very popular between the mid-1960s and the mid-1970s.

At its core strategic plan is a company playing techniques. Just like a football team needs a good tactic to play to win, a company must have a good strategic plan to be able to compete successfully. Company's profit margin in most industries has decreased drastically, so that is little room for error in the overall strategic plan. The strategic plan resulting from managerial choices that are difficult for a lot of good alternatives, and this signifies a commitment to the market, policies, procedures, and certain operations on another course of action.

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