Strategy:

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“Strategy is a way of doing something. It includes the formulation of goals and set of action plans for accomplishment of that goal.”

 

Strategic Management:

“A Process of formulating, implementing and evaluating business strategies to achieve organizational objectives is called Strategic Management”

 

Definition of Strategic Management: –

 

“Strategic Management is that set of managerial decisions and actions that determine the long-term performance of a corporation. It includes environmental scanning, strategy formulation, strategy implementation and evaluation and control.”

 

The study of strategic management therefore emphasizes monitoring and evaluating environmental opportunities and threats in the light of a corporation’s strengths and weaknesses.

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