The term ‘Strategic Management’ is defined by John A. Pearce and Rechard Robinson as ‘set of decisions and actions resulting in formulation and implementation of strategies designed to achieve the objective of an organization’.
Cunningham defined it as’ the manner by which organizations plan to deal with various aspects of management like problem perception, divergent thinking, substantial resources, decision making, innovation and risk taking’.
Bourgeois defines ‘strategy’ as ‘the means by which management establishes pursues the purpose through co alignment of organizational resource with environment, opportunities and constrains’.
Thus, (a) strategic management is an on-going process of analysis planning and action. It attempts to keep an organization aligned with its environment while capitalizing or organizational strengths and environmental opportunities and minimizing or avoiding organizational weaknesses and external threats.
(b) Strategic management is also a future-oriented provocative management system. Managers, who use strategic management skills, are seeking a competitive advantage for their organizations and long-term organizational effectiveness.
Hence, it is the duty of the strategic managers to do environment scanning, assess internal strength and weaknesses, set goals, mobilize resources, design action plans, implement actions and monitor progress and control resources and deviations from goals for the achievement of goals and key results areas.