Strategic Management Meaning, Definition, and Explanation
Keywords:
Strategic management, Strategic planning, Strategic implementation, Strategic analysis, Strategic formulationAbstract
This academic article aims to explain the definitions and concepts of strategic management, strategic planning, strategy and tactic in order to provide better understanding among the differences of each term. The author has compiled and concluded these definitions and concepts based on several textbooks. According to the strategic management, there are three essential elements: strategic formulation, strategic implementation, and strategic evaluation. Strategic formulation can be divided into four elements: strategic analysis, strategic objectives, vision and mission statements, and strategic generation and selection. Strategic implementation is the process where the strategic planning has to be converted into the concrete forms, so the organization will be able to achieve the goals anticipating with the managerial leaders’ capabilities. Strategic evaluation, the final process of strategic management, can be done by the top managerial leaders of the organizations in order to evaluate the whole process of strategic management whether this can meet the goals or not.
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