| Business (or Strategic) management is the art, science, and craft of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. |
So companies in their bid to achieve their objectives, draw plans or map out strategies that help them meet their business goals. So basically, putting these plans into action, and checking to see if everything is working well is what is called business or strategic management. |
| It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. |
It entails outlining a company's mission, vision and business objectives. The company then makes rules and plans, often through projects and programs, to achieve these goals. It then uses its resources, like money and people, to make sure these plans and projects happen. |
| Strategic management seeks to coordinate and integrate the activities of the various functional areas of a business in order to achieve long-term organizational objectives. |
It is making sure all the different parts of the business work together to reach its goals. |
| A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. |
A balanced scorecard is like a report card for a business. It's used to check the performance of the business in tandem with the set goals. |
| Strategic management is the highest level of managerial activity. |
Strategic or business management is the sole job of the top management or executives of a business. |
| Strategies are typically planned, crafted or guided by the Chief Executive Officer, approved or authorized by the Board of directors, and then implemented under the supervision of the organization's top management team or senior executives. |
These strategic initiatives are spear-headed by the Chief Executive Officer (CEO), approved by the Board of Directors, and then put into action by the organization's top managers. |
| Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies. |
These strategic initiatives help give a business direction and it's closely linked to the study of how organizations work and are managed. |
| In the field of business administration it is useful to talk about "strategic alignment" between the organization and its environment or "strategic consistency". |
In business, it’s helpful to have this "strategic alignment," because it ensures the organization’s plans match well with its surroundings, or "strategic consistency," which means keeping those plans steady and focused. |
| According to Arieu (2007), "there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context." |
According to Arieu (2007), "strategic consistency happens when a company's actions match what management expects, and those expectations align with the market and the situation around them." |
