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What Is Strategic Management Video

Strategic management is the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity, usually performed by the company's Chief Executive Officer CEO and executive team.

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It provides overall direction to the whole enterprise. The process involves matching the companies' strategic advantages to the business environment the organization faces.

SStrategic objective of an overall corporate strategy is to put the organization into a position to carry out its mission effectively and efficiently. To see how strategic management relates to other forms of management, see management. Strategic management can be seen as a combination of strategy formulation and strategy implementation. Strategy formulation involves:.

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This involves crafting vision statements long termmission statements medium termoverall corporate objectives both financial and strategicstrategic business unit objectives both financial and strategicand tactical objectives. The plan provides the details of how to obtain these goals. This three-step What Is Strategic Management formation process is sometimes referred to as determining where you are now, determining where you want to go, and then determining how to get there.

These three questions are the essence of strategic planning. This includes monitoring results, comparing to benchmarks and best practices, evaluating the efficacy and efficiency of the process, controlling for variances, and making adjustments to the process as necessary. Strategic management.]