Business Strategic Management

Strategic management is a level of managerial activity under setting goals and over tactics. It provides overall direction to the enterprise.

In the field of business administration it is useful to talk about ‘strategic alignment’ between the organization and its environment or ‘strategic consistency’ where the actions of an organization must be consistent with the expectations of management.

Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved. It assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors or new economic, social, financial or political environment.

In corporate strategy, strategic options are evaluated against three key success criterias :

      Suitability (would it work?)

      Feasibility (can it be made to work?)

      Acceptability (will they work it?)