Chapter 1 : The Nature Of Strategic Management

Today I learn about the nature of strategic management. Strategic management can be defined as formatting, implementing, evaluating cross-functional decision to achieve the company goals. Strategic management can be known as strategic planning. Strategic management focus on business term while strategic planning focus on academic term.

There are three stages of strategic management. Firstly, formulation strategy that identifies the strengths and weaknesses of an organization to develop their vision and mission. Secondly, implementation strategy or call the action stage when the organization use the formulate strategies resources to be execute. Lastly, evaluation strategy needs an organization to take corrective on their actions to be more successful.

From all the three stages, the company can create and manage their strategies, skills and marketing process to survive on the market and achieve the objective of organisation..