| 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. |
Business (or strategic) management is the art, science and craft of formulating, implementing and evaluating cross-functional decisions that will enable an organisation to achieve its long-term objectives. |
| 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 is the process of specifying the organisation's mission, vision and objectives, developing policies and plans, often in terms of projects and programmes, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programmes. |
| 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. |
Strategic management seeks to coordinate and integrate the activities of the various functional areas of a business in order to achieve its long-term organisational objectives. |
| A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. |
A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards its objectives. |
| Strategic management is the highest level of managerial activity. |
Strategic management is the highest level of managerial activity. |
| 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. |
Strategies are typically planned, crafted or guided by the Chief Executive Officer, approved or authorised by the Board of Directors, and then implemented under the supervision of the organisation's top management team or senior executives. |
| Strategic management provides overall direction to the enterprise and is closely related to the field of Organization Studies. |
Strategic management provides overall direction to the enterprise and is closely related to the field of organisational studies. |
| In the field of business administration it is useful to talk about "strategic alignment" between the organization and its environment or "strategic consistency". |
In the field of business administration it is useful to talk about "strategic alignment" or "strategic consistency" between the organisation and its environment. |
| 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), there is "strategic consistency when the actions of an organisation are consistent with management expectations, and these in turn are consistent with the market and its context". |
