Question

define strategy and strategic management

Answer 1

Strategy is the plan or actions that managers take to achieve the desired goals of an organization. Strategy is usually important because the resources required to achieve these organizational goals are limited. So they have to be used wisely in an efficient manner. Strategy normally involves determining the goals, finding out the actions that are needed to accomplish these goals and allocating the resources to eecute the actions. Strategy describes how we can achieve the desired results by using resources.

Strategic Management is the setting of objectives, assessing and analysing the internal and eternal environments, reviewing and evaluating the strategies and ensuring that they are well implemented across the organization. Strategic management gives an overall direction to the organization. It involves the concepts of strategic planning and strategic thinking. Strategic management is basically about formulation and implementation of strategies.