THE ART OF STRATEGIC

MANAGEMENT
Summary written by: Zubair Ahmed

Submitted to:
Sir Adnan Kehar
The Art of Strategic Management: A Key to Success in Corporate Sector (Summary)
Research Paper by: Dr. Fareha Zafar, Sman Babar, and Hina Abbas.

Strategic management involves formulation and implementation of major (long-term) goals and
initiatives taken by top management of the company on behalf of owners. Strategic management
is the need of organization and strategic management process is a tool that has been used by
corporate organizations to prepare for the challenges of future and improve their long-term
performance. The organizations can increase their efficiency and chances of success of their plans
through better analysis approaches and better data collection of the organization.
The analysis of environmental scanning is a major step of strategic management process. The
Environment research has direct impact on strategies. The more innovative and dynamic strategies
would be required to face all these challenges.
All three levels of strategic management that are corporate strategy, business strategy and
functional strategy take important part in enhancing firms’ performance.
There are four key factors of Strategic Management:
1. Environmental Scanning: it is a process of evaluating the environmental factors at macro
and micro level in order to identify the organizations threat and opportunities.
External environmental scanning: PESTAL analysis
Internal environmental scanning: SWOT analysis

2. Strategy Formulation
a. Generation of Options
b. Evaluation of Options
c. Selection of Strategy

3. Strategy Implementation:
This includes designing organizational structure and distributing resources. Developing
decision making process and managing human resource
4. Evaluation and Control:
Studying the effect of internal and external factors on present strategies, measuring
performance and taking corrective actions.