Strategic management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy and then over time initiating whatever corrective adjustments required for achieving the long-term objectives and goals of an organization. It is the continuous planning, monitoring, analysis, and assessment of all that is necessary for an organization to meet its goals and objectives.
Everything changes with the passes on time. Today what is new will -become old tomorrow. Today what strategy is good may not work tomorrow. Similarly, customers’ preferences, choice, financial conditions, the economic condition of the country, the political situation of the country, the conditions of the competitors can be changed in future. That’s why it is badly needed to revise or change the strategies of an organization to survive in this competitive business arena for achieving the long-term goals and objectives.
Future is always changing. Depending on the following changed situations the management also needed to make supportive plans and strategies.
- Strategic changes by rival firms,
- Shifting customer requirements and expectations,
- New technologies and market ‘opportunities,
- A changing political or economic climate,
- Other unpredictable happenings in the surrounding environment.
So from the above discussion we can say, with the given statement that, the strategic management is an ongoing process.