Strategic management is the process of planning, monitoring, and assessing all activities needed to achieve organizational goals. It involves identifying strategies to gain a competitive advantage, such as higher profitability than industry peers. Strategic management provides employees a comprehensive understanding of how their roles fit into and relate to organizational objectives. The key steps in strategic management are environmental scanning, strategy formulation, strategy implementation, and strategy evaluation.

1. What is Strategic Management?
Strategic management is the sustained planning, analysis, monitoring, and assessment of
all the stuff that is necessary for an organization to meet its goals and objectives.
Strategic Management is all about identification, description and manipulation of the
Strategies that managers can carry so that they can achieve better performance and gain a
competitive advantage for their organization. A team is said to have a competitive
advantage if its profitability is higher than the average profitability of all companies in its
industry.
Strategic Management gives a comprehensive perspective of the employees of a firm. They
can understand better about how their job fits into the entire organizational plan and how it
is co-related to other corporate members. It is nothing but the art of managing employees
in a manner which maximizes the ability to achieve business objectives. The employees
become more trustworthy, more committed and more satisfied as they can co-relate
themselves very well with each organizational task.
Relevant topics for Strategic Management
● Components of a Strategy Statement
● Strategic Management Process
● Environmental Scanning
● Porter’s Five Forces Model
● Strategy Formulation
● Strategy Implementation
● Strategy Formulation vs. Implementation
● Strategy Evaluation
● Strategic Decisions
● Strategic Leadership
● Business Policy
● BCG Matrix
● Business Ethics
● SWOT Analysis
● Competitor Analysis
● Corporate Governance
● Core Competencies

2. Features of Strategic Management
The strategy in any business is crucial because it is not quite possible to foresee the future.
Without a backup plan or perfect foresight, the organizations must be ever ready to deal
with the uncertainty which constitutes the business environment.
Strategy deals with long-term developments rather than routine operations, i.e. it deals
with a probability of new methods of productions, innovations or new products, or new
markets to be developed in future.
The strategy is created to take into account the likely behavior of customers and
competitors. Strategies dealing with employees will predict the employee behavior.
The strategy is a well-defined roadmap for an organization. It describes the overall mission,
vision and direction of an organization. The objective of a strategy is to maximize an
organization’s strengths and to minimize the strengths of the competitors.
Strategic management process has following four steps:
1. Environmental Scanning:
Environmental scanning describes to a process of scrutinizing, collecting, and furnishing
information and relevant data for strategic purposes. It assists and supports in analyzing
the internal as well as the external factors influencing an organization. Soon after the
execution of the environmental analysis process; management should evaluate it on a
continuous basis and strive to improve it.
2. Strategy Formulation:
Strategy formulation is the ultimate process of deciding the best and most suitable course of
action for accomplishing the organizational objectives and goals thereby achieving the
organizational purpose. After conducting environment scanning, managers formulate
corporate, business and functional strategies.
3. Strategy Implementation:
Strategy implementation involves ensuring the steps taken in making the strategy work as
intended or putting the firm’s chosen strategy into action. Policy implementation does not
exclude designing the organization’s structure, developing decision-making process,
distributing resources, and also managing human resources.
4. Strategy Evaluation:
Strategy evaluation is the last but nor the least step of strategy management process.
The key strategy-evaluation activities are:

3. A) Appraising internal and external factors that are considered the root of the present
approach.
B) Measuring the performance, and taking remedial or corrective actions.
C) Evaluation ensures that the organizational strategy, as well as its implementation, meets
the corporate objectives.
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