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Strategic Management Definition

Strategic or institutional management is the conduct of drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives.It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs.

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What is meant by Corporate Strategy?

Corporate strategy Approach to future that involves

  1. examination of the current and anticipated factors associated with customers and competitors (external environment) and the firm itself (internal environment),
  2. envisioning a new or effective role for the firm in a creative manner, and
  3. aligning policies, practices, and resources to realize that vision.

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