What is strategic management

According to L.L.Byars L. W. Rue – Strategic management is the process by which top management determines the long run direction and performance of the organization by ensuring that carefully formulation effective implementation and continuous evaluation of the strategy take place.

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According to Stoner – Strategic management  is the process of  broading program for defining and achieving an organizational objectives; the organization’s response to its environment over time.

According to Weihrich and Koontz – Strategic is the process of determining of the purpose and the basic long term objectives of an enterprise and the adoption of course of  action and allocation of resources necessary to achieve these aims.


According to Robins – Strategic management is the process of large scale, future oriented plans for interacting with the competitive environment to optimize achievement of an organizations objectives.

The nature and features of strategic management

• Long term plan
• Strategic plan
• Comprehensive plan
• Different program
• Effective plan
• Guideline of plan
• Consideration of environment
• Determination of alternatives
• Diversification
• Possibility of counter attack
• Diversification
• Strengths and weaknesses
• Opportunities & threats
• Achieving of objectives
• Internal communication

Benefits of strategic management

• Achievement  of organizational objective
• Setting long term objective
• Minimization of risk
• Proper guideline
• Utilization of resources
• Decreasing weakness
• Increasing threats
• Increasing internal strength

The five tasks of strategic management

• Developing strategic vision and mission
• Setting objectives – There two objective of financial, Strategic
• Crafting strategy
• Strategy implementation and
• Evaluating performance, monitoring developing and initiative corrective adjustment

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