Strategic Management is described as the art and science of formulating, implementing, and evaluating different functional decisions that enable an organization to accomplish its objective.
Concept of Strategy
The term "Strategy" is acquired form the Greek word "Strategos" meaning generalship. A plan or process or a set of decision rules making an arrangement or creating a common thread.
Strategic Management can be defined as the process of strategy formulation, implementation, evaluation and control to accomplish the strategic intent of the organizations.
Objective of Strategic Management
The major objective of strategic management is to explore and create new opportunities for future while planning in long-term attempts to optimize the trends of tomorrow.