Strategic Management847-843-1089 |
Strategic management
is the conduct of drafting, implementing and
evaluating 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. A
balanced scorecard is often used to evaluate the overall performance
of the
business and its progress towards objectives. Strategic management is a level of managerial activity under setting goals and over Tactics. Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies. In the field of business administration it is useful to talk about "strategic alignment" between the organization and its environment or "strategic consistency". According to Arieu (2007), "there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context."
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