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Strategic management is a field that copes with the major intended and emergent initiatives taken by general managers for owners, involving use of resources, to improve the performance in their external environments. It involves specifying the organization's mission, developing policies, vision and objectives, and arrangements, often in terms of projects and programs, which are intended to attain these objectives, and then allocating resources to apply the policies and projects , plans and programs. A balanced scorecard is often used to assess the on the whole performance of the business and its development towards objectives. Current studies and leading management theorists have campaigned that strategy needs to begin with stakeholders expectations and make use of a modified balanced scorecard which comprises all stakeholders.
Strategic management is a level of administrative progress under setting goals and over Tactics. Strategic management gives on the whole direction to the enterprise and is intimately allied to the field of Organization Studies. In the field of business administration it is helpful to talk about "strategic alignment" among the organization and its environment or "strategic consistency."
“Strategic management is an continuing process that evaluates and manages the business and the industries in which the company is engaged; assesses its competitors and puts goals and strategies to meet all obtainable and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been applied and whether it has succeeded or requires replacement by a new strategy to meet changed circumstances, new competitors, new technology, a new economic environment., or a new social, financial, or political environment.”Strategic Management can as well be defined as "the identification of the idea of the organization and the plans and acts to achieve the purpose. It is that set of managerial decisions and deeds that determine the long term recital of a business enterprise. It involves preparing and implementing strategies that will help in supporting the organization and its environment to achieve organizational objectives."