Definition of Strategic Management

Strategic management can be defined as the process directed by the top management to determine the undamental aims or goals of the organisation and ensure a range of decisions which allow for the achievement of those aims or goals in the long term while providing adoptive response in the short term; hence strategic management is concerned with setting aims and goals of the organisation and developing and implementing appropriate strategies towards goal achievement.

Strategic Management Model

Strategic management model may be considered as a circle of strategic decisions where each set of decisions has a “knock on” effect on subsequent decisions as well as having consequences for all those affected by them i.e. customers, suppliers, employees etc.

The circle contains a review element which enables decisions to be questioned and changed if need be.