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Meaning of strategic Management

Strategic management involves developing and implementing plans to help an organization
achieve its goals and objectives. This process can include formulating strategy, planning
organizational structure and resource allocation, leading change initiatives, and controlling
processes and resources.

Nature
 strategic management is based on quantitative and qualitative data
 uncertainty about the future and quality of data acquires is relatively high
 selecting management strategy is based on various methods, processes, rules and
theories
 there is not one best way to develop a strategy
 management strategy should take into account deductive or empirical
methods and techniques
 resources of organization is one of most important strategic issues
 people and knowledge is key success factor of business

Importance of Strategic Management

Strategic management is important because it provides a structured approach for

organizations to set goals. It makes informed decisions, allocates resources efficiently, and
adapts to changes in its external environment, ultimately leading to sustained success and
growth.