Strategic Management

Strategic Management is the set of managerial decisions and actions that determines the long-run performance of an organization. It includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control. The study of strategic management, therefore, emphasizes the monitoring and evaluating of external opportunities and threats in light of an organization strengths and weaknesses. Originally called business policy, strategic management incorporates such topics as long-range planning, strategic planning and corporate planning.