|Welcome to the Basics of Strategic Management!
Strategic Management is all about identification and description of the
strategies that managers can carry to achieve better performance and a
competitive advantage for their organization.
Strategic management can also be defined as a bundle of decisions and
acts which a manager undertakes and which decides the result of the
firm's performance. The manager must have a thorough knowledge and
analysis of the general and competitive environment so as to make the
right decisions. Strategic management is nothing but planning for both
predictable as well as unfeasible contingencies. It is applicable to both
small as well as large organizations as even the smallest organization
face competition and, by formulating and implementing appropriate
strategies, they can attain sustainable competitive advantage.
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