What Is Strategic Management?

     Strategic Management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives. As this definition implies, strategic management focuses on integrating management, marketing, finance/accounting, production/operations, research and development and information systems to achieve organizational success.

     I think Strategic Management can be illustrated or explain as this story when there were two company presidents who competed in the same industry. These two presidents decided to go on a camping trip to discuss a possible merger. They hiked deep into the woods. Suddenly, they came upon a grizzly bear that rose up on its hind legs and snarled. Instantly, the first president took of his knapsack and got out a pair of jogging shoes. The second president said, "Hey, you can't outrun that bear." The first president responded, "Maybe i can't outrun that bear, but i surely can outrun you!"

So from this story captures the notion of strategic management, which is to achieve and maintain competitive advantage in this real world of businesses.