Strategic Management Defined

Strategic management is the most important, difficult and encompassing challenge that confronts any private or public organization: how to lay the foundation for tomorrow's success while competing to win in today's marketplace. It consists of decisions and actions that result in strategies and their implementation for the purpose of attaining objectives based on a vision. The vision defines the future of an organization, gives it direction in the pursuant of long-term goals while sticking to its core values and core purpose. Objectives are defined and strategies are crafted in the pursuit of said objectives. The chosen strategies are then efficiently and effectively implemented and executed in all levels of the company's structure. Finally, an evaluation of its performance should be done and corrective adjustments are applied where necessary.