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.
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.
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fine artical and it is written in fien and easy way it is easy to student for understanding . thanks