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