Strategic Management Definition

Strategic management is the art and science of formulating,implementing and evaluating cross function decision that enable to business to achieve its objectives. Strategic management can also be defined as the formal process for defining company vision & mission, assess internal & external environment. formulate strategies under resource constraints, implement strategies,evaluate the strategies implementation and feedback in case of strategy failure, implementation mistakes for re-assessing.

Integration of Business Functional Areas

As the definition implies strategic management integrate the functional areas includes marketing,finance,operations,management, human resource,research & development and Information technology to achieves the business objectives.The term strategic management also referred as strategic planning, strategic management is most often used in business word and strategic planning in academics.