Strategic management is the process of making decisions and taking actions that will shape

the long-term direction and performance of an organization. Some key concepts within
strategic management include:

Strategic planning: This refers to the process of setting long-term goals and objectives for an
organization, and developing a plan for achieving them. This includes identifying the
organization's strengths, weaknesses, opportunities, and threats (SWOT analysis).

Competitive advantage: This refers to the unique strengths or characteristics that an

organization possesses that allow it to outperform its competitors.

Resource allocation: This refers to the process of deciding how to allocate the organization's
resources (financial, human, technological, etc.) in order to achieve its goals and objectives.

Corporate strategy: This refers to the overall direction and scope of an organization,
including decisions about diversification, mergers and acquisitions, and partnerships.

Business-level strategy: This refers to the specific actions and decisions that a business unit
or division takes in order to compete effectively in its particular market.

Functional-level strategy: This refers to the specific actions and decisions that different
departments or functions within an organization take in order to support the overall
direction and goals of the organization.

Implementation and execution: This refers to the process of taking the strategic plan and
putting it into action, which includes developing action plans, allocating resources, and
monitoring progress.

Evaluation and control: This refers to the process of measuring the success of the
organization's strategic plan and making adjustments as necessary.

These concepts are interrelated, and they all play a role in shaping the overall strategy of an
organization. Understanding these concepts is essential for any manager or leader who
wants to improve the long-term performance and competitiveness of their organization.