Considering the definitions listed in table 1, along with the hundreds more available, it would appear that the definition of what strategy means is neither closed. Multiple views of strategy exist, and the 5 ps described by henry mintzberg enhance understanding of the various ways in which firms conceptualize strategy. The management definition is a single or group of individuals who challenges and oversees a person or collective group of people in efforts to accomplish desired goals and objectives. Pdf strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve. Pdf strategic management basic concepts researchgate. Business strategy interlocks all aspects of a firms activities including.
Definitions of strategy have their roots in military strategy, which defines itself in terms of drafting the plan of war, shaping individual campaigns and, within these. Before we try to explain the meaning of strategic hrm, let us first define the terms strategy and strategic management. Strategic management financial definition of strategic. Strong and strategic marketing plans may be built from this style of management. Today managers in different organisations are working hard to match the competitive advantage of their global rivals. Policy makers at government level have drawn upon the idea in order to promote high performance. The systematic analysis of the factors associated with customers and competitors the external environment and the organization itself the internal environment to provide the basis for maintaining optimum management practices. Definition of strategic management in the dictionary. Strategic cost management or otherwise called as scm is the cost management technique that aims at reducing costs while strengthening the position of the business.
As a cognitive activity, it produces thought when applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to. Author entailed the past definitions of various scholars and proposed a new definition on the. Strategic definition of strategic by merriamwebster. Strategic management involves the formulation and implementation of the major goals and initiatives taken by a companys top management on. What is strategic management process steps, stages and. Strategic management process definition, importance, steps. What is strategic management definition and features.
Strategic management is the continuous planning, monitoring, analysis and assessment of all that is necessary for an organization to meet its goals and objectives. Strategic management involves the related concepts of strategic planning and strategic thinking. Strategic management journal what is strategic management, really. The objective of strategic managementis to achieve better alignment of corporate policies and. Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy. Strategy is an action that managers take to attain one or more of the organizations goals.
Strategic management definition strategic management is the process of identifying, evaluating and implementing strategies in order to meet the organizational objectives. Strategic thinking is defined as a mental or thinking process applied by an individual in the context of achieving a goal or set of goals in a game or other endeavor. Such corporate planning at the operational level is means oriented and most activities are. Strategic management is the management of an organizations resources to achieve its goals and objectives. In contrast to longterm planning which begins with the current status and lays down a path to meet estimated future needs, strategic planning begins with the. Various authors have drawn their attention on the concept of strategy. After several phases and meanings, the concept of strategy has evolved into a field of knowledge in management, strategic mana. Strategy in the simple sense of the word is a plan designed to achieve an objective and planning as we all know is the primary function of management that lays down the base for the entire business. Strategy the word strategy has so many meanings itself and all these meanings are useful, important and relevant to the people who.
Strategic management meaning and important concepts. Pdf strategic management journal what is strategic. Ltasks of strategic management lstrategic management is an ongoing process lwho performs the tasks of strategy lbenefits of managing strategically strategic management the art and science of formulating, implementing, and evaluating crossfunctional decisions that. This is the part of the strategic management process which concerns itself with attempting to understand the strategic position of the organisation. Strategic project management looks at the big picture and how the project can benefit the companys efficiency and competitiveness as a whole.
Strategic marketing management implements your companys mission through focused processes to get the most out of your existing marketing plan. The distinction between strategic thinking, strategic management and strategic planning. The term strategic management is used to denote a branch of management that is concerned with the development of strategic vision, setting out objectives, formulating and implementing strategies and introducing corrective measures for the deviations if any to reach the organizations strategic intent. The theory and practice of strategy in business organizations. Explain the importance and limitations of strategic management.
Strategic intent definition and meaning mba knowledge base. Figures taken from london business schools masters in management 2010 employment report. The term strategy is widely used in and presupposes importance. Then, using automated text analysis, we identified the distinctive lexicon of the field, which in turn allowed us to derive the implicit consensual definition of strategic management, as held by its members. A systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them. Building a foundation for your future 4 customer characteristics and purchasing hot buttons provide the information needed to decide whether the firm can and should attempt to gain or maintain a sustainable competitive advantage for marketing to a particular market segment lehmann and winer 1994. Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firms performance. Strategy can also be defined as a general direction set for the company and its various components to achieve a desired state in the future. The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to take right decisions. The success of any organization depends upon how it manages its resources. Inventory management refers to the process of ordering, storing and using a companys inventory. Pdf how do we explain some consistent growth and profitability of. Businesses vary in the processes they use to formulate and direct their strategic management activities.
Strategic management is a broader term than strategy and is a process that includes top managements analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. Strategic management involves setting objectives, analyzing the. Therefore, this research aims to assess the acquired knowledge of university management students relating to strategy and strategic management concepts with the purpose of answering the following question. Strategic human resource management strategic human resource management shrm has been, and remains, one of the most powerful and influential ideas to have emerged in the field of business and management during the past twentyfive years. Strategic management focuses on firms and the different strategies that they use to become and remain successful.
Strategic management meaning and important concepts strategic management an introduction strategic management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. Management also includes recording and storing facts and information for later use or for others within the organization. Strategic intent refers to a high level statement of the means by which an organisation achieves its vision. This type of innovation is essential for organizations to adapt to the speed of technology change. In this process, the strategists determine objectives and make strategic decisions. Strategic management strategic intent definition and meaning. It includes environmental scanning, strategy formulation, strategy implementation and evaluation and control to. Strategic management is a broader term than strategy and is a process that includes top management s analysis of the environment in which the organization operates prior to formulat ing a strategy, as well as the plan for implementation and control of the strategy. This new perspective of management accounting and control system was made popular as a result of the criticism levelled on the traditional management accounting by both academia and professionals in the late 1980s and early 1990s. Management is the organizational process that includes strategic planning, setting objectives, managing resources, deploying the human and financial assets needed to achieve objectives, and measuring results. Strategy definition and features management study guide.
Introduction definition there are three schools of strategy. Defining strategic management, planning outline l why strategic management. Furthermore, the definition of management includes the ability. Strategic management process is an ongoing process of five steps which defines the way an organization makes its strategy to achieve its goals. Strategic management accounting and control is a relatively new paradigm in the field of management accounting. It is an essential management process to strategize and prepare for different odds. Strategic innovation is an organizations process of reinventing or redesigning its corporate strategy to drive business growth, generate value for the company and its customers, and create competitive advantage. Strategic analysis aims to form a picture of the influences playing upon the organisation in order to be informed for the strategic choice element of the overall strategic management process. Strategic management can be defined as the art and art of deciding. At this point, they are neither solving problems nor implementing the strategies. Strategic planning means planning for making and implementing strategies to achieve organisational goals.
Strategic definition is of, relating to, or marked by strategy. Strategic management department of higher education. Its the mission that guides the types of goals the managers will set for the company. There are various suggestions as to how to define parts of an environment so as.
It is a process of combining the decisionmaking structure with the cost information, in order to reinforce the business strategy as a whole. Strategic management meaning, definition, features ans. Strategic management is defined as the process of evaluation, planning, and implementation designed to maintain or improve competitive advantage. Also published in 1980, was top management strategy, by benjamin b. The raters exhibited a very high level of agreement. This type of management may help discover other marketing opportunities.
1651 460 593 766 502 966 1448 1131 134 1001 689 472 1474 1068 49 1547 1372 382 1526 200 1163 746 416 82 314 937 943 1611 590 1406 1204 289 1216 523 171 522 1232 679 1452 594 1296 935 692 329