Glueck define the strategy as: "A unified, comprehensive, and integratedplan designed to assume that the basic objectives of the enterprise are achieved" To put it precisely, strategic management is the set of managerialdecisions and actions that determines the long run performance of anorganisation that includes environmental scanning (both external and internal),strategy formulation, strategy implementation, evaluation and control.
Levels Of Strategy:
Strategy may be formulated at the corporate level,business level and functional level
Corporate strategy is one, which decides what business the organizationshould be in, and how the overall group of activities should be structured andmanaged. Porter has described it as the overall plan for a diversified business. The strategies are then evolved for each strategic business unit and strategicbusiness area.
Strategic business unit:
As the number and diversity of products increases the structure is likely tobe centered upon division called Strategic Business Unit (SBU). SBU areresponsible individually for developing, manufacturing and marketing their ownproduct or group of products.
Strategic Business Area (SBA):
SBA is a distinctive segment of the environment in which the firm doeswant to do business. A company instead of trying to compete in all the area, itselects the area of its competitive advantage and invest its money and strategies