Strategic Management

Strategic Management is a set of managerial decisions and actions that determines the long – run performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation and evaluation and control. Strategic Management has developed into several phases. From basic financial planning to forecast based planning to externally oriented planning to Strategic Management. Research has revealed that organizations that engage in strategic management generally out-perform those that do not. It includes the following steps:
  • Environmental Scanning.
  • Strategy Formulation.
  • Strategy Implementation.
  • Evaluation and Control.