Strategic Management

Sun Tzu Before Christ a great Chinese warrior. "The Way of War", widely acceptable book that gave basic nitty-gritty for strategy making schools. The utterance strategy has taken from military as they known for their war plans. However in business world the style of strategy making is same as construction a war plan. It includes how to defeat competitor, how to win in turbulent as well as stable situations, how to takeover competitor's market share & along with how to build a strong position in the eye of customers better than competitors. Subsequently strategic management is an art and science of making cross-functional decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives and then allocating resources to implement the policies, and plans, projects and programs. Strategic management seeks to coordinate and integrate the activities of the various functional areas of a business in order to achieve long-term organizational objectives. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. Hence in simple words strategic management is basically the completion of three foremost steps: 

• Strategic Formulation
  
• Strategic Implementation
  
• Strategic Evolution
  

(Further details of each of the strategy making steps are coming soon.)