Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It is the process of specifying the
organization's objectives, developing policies and plans to achieve these objectives, and allocating resources to implement the policies and plans to achieve the organization's objectives. Strategic management, therefore, combines the activities of the various functional areas of a business to achieve organizational objectives. It is the highest level of managerial activity, usually formulated by the
Board of directors and performed by the organization's
Chief Executive Officer (CEO) and executive
team. Strategic management provides overall direction` to the enterprise and is closely related to the field of
Organization Studies.
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Decisions that support being a leader, follower or innovator in a specific line of business.
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