Strategic Management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy.
Strategic management is different from other types of management like Human resource management, marketing management, financial management or others by the following way –
- Strategic Management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy, and then overtime initiating whatever corrective adjustments in the vision, objectives, strategy, and execution are deemed appropriate.
- It integrates various functions of the organization.
- It oriented toward achieving organization-wide goals.
- It considers a broad range of stakeholders like customers, suppliers, employees, owners and the public at large.
- It focuses on long-term issues.
- It is concerned with both efficiency and effectiveness of the organization’s overall operations.
Other types of management
- Each type of management like Human resource management, marketing management, financial management etc. has a separate definition.
- Other types of Management focus only on their own functions or functional areas.
- Other types of Management concentrate only ‘on achieving the goals of their own areas.
- On the other hand, functional specialists tend to focus on serving individual stakeholders rather than balancing the needs of all stakeholders.
- Functional areas managers, tend to focus on short-term issues.
- Other types of managers concentrate the majority of their efforts on improving the efficiency of their own functional area.
Finally, we can say that though there are some similarities, yet strategic management is fully separate from others types of management.