Strategic Management

Definition of Strategic Management as it relates to Business, Business Law, Contracts

Strategic Management is a systematic process used by businesses to formulate, implement, and evaluate cross-functional decisions that will enable an organization to achieve its objectives. It involves the analysis of the competitive environment, internal resources and capabilities, and the alignment of these factors with organizational goals. The process includes the development of strategies, policies, plans, and programs designed to leverage a company's strengths, improve weaknesses, and take advantage of opportunities while mitigating threats in the external environment. Strategic Management is closely related to Business Law as it requires an understanding of legal frameworks that impact business operations, such as contracts, intellectual property, and regulation. It also involves the use of Business concepts and theories to guide decision-making and ensure long-term sustainability.

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