Strategic management is defined as the set of decisions & actions in formulation and implementation of strategies designed to achieve the objectives of an organization. Learn about:- 1. Nature of Strategy Analysis and Choice 2. The balanced scorecard takes a four-pronged approach to an organization's performance. Chapter 1 The Nature of Strategic Management Strategic Management: Concepts & Cases 11th Edition Fred David Themes in the Text Art & science of formulating, implementing, and evaluating, cross-functional decisions that enable an organization to achieve its objectives In essence, the strategic plan is a company’s game plan Peter Drucker: -- Think through the overall mission of a business. There must be a translation of strategic thought into strategic … 5. Further this […] Strategic Choice at Business Level 4. Achieving goals Strategic management helps keep goals achievable by using a clear and dynamic process for formulating steps and implementation. Its complexity may be attributed mainly to 3 reasons: Strategic management involves making decisions about the future. Name the strategic management process. Selection of Strategies 6. It involves 7 steps. Balanced scorecard in strategic management. Contingency Strategies. Selection Factors Influencing Strategic Choices 5. Nature of Strategic Management The strategic-management process does not end when the firm decides what strategy or strategies to pursue. ADVERTISEMENTS: In this article we will discuss about the strategic analysis and choice as studied in strategic management! Strategic management gives businesses an advantage over competitors because its proactive nature means your company will always be aware of the changing market. Strategic management is not a simple process; it is complex. Strategic management is the process through which managers undertake efforts to ensure long-term adaptation of their organization to its environment. Strategic Choice at the Corporate Level 3. Organizational Mission & Objectives: They have some specific mission towards which all efforts are directed. The balanced scorecard is a management system that turns strategic goals into a set of performance objectives that are measured, monitored and changed, if necessary, to ensure the strategic goals are met..