Successful businesses are built on strategies that result in long term benefits.

Strategic Management can therefore be defined as a management activity that involves making decision based on various analyses and taking relevant action aimed at achieving long term competitive advantage. The factors to be considered in strategic management are as follows: Organizational goals Stakeholders Short term and long term perspectives Effectiveness V/S efficiency Basic Concepts Vision: What you want the organization to be; your dream. Mission: is a statement of the purpose of a company and organization. The mission statement should guide the actions of the organization, spell out its overall goal, provide a sense of direction, and guide decision-making. Strategy: What you are going to do to achieve your vision. Tactics: How you will achieve your strategy and when Interlink