Definition of Strategic Management

The art and science of formulating, implementing and evaluating cross-functional decision to allow an organization to attain its defined long term objectives. Strategic management can be also defined as the systemic process of identifying internal and external factors of an organization in order to define better objectives and formulate, evaluate and implement strategies to achieve the objectives.

Strategic management emphasize on integrating all functional areas of an organization; management, marketing, Human resource, branding, research and development, technology, business development, professional services, corporate affairs and operations to achieve the organization success. The primary purpose of strategic management is to capitalize on existing opportunities and create new opportunities for tomorrow. Strategic management does not guarantee success however, it can minimize the risk of failure.