Abstract:
developing initiatives taken by general managers on behalf of owners, connecting
exploitation of resources, to increase the performance of firms in their external
environments (Nag, Hambrick, & Chen, 2007). It involves stipulating the firm’s vision,
mission and objectives, evolving plans and procedures, frequently in terms of programs
& projects, which are intended to attain these objectives, and then assigning resources
to execute the programs, projects, policies and plans. Overall performance of the
organization towards its objective and goals is determined using the balanced score
card. As per the modern & fresh studies by principal management philosophers, stake
holders’ expectation along with the custom balanced scorecard has to be the starting
and commencing point of the strategy.
Strategic management is an instrument of decision-making task to set goals and
establish objective rather than settling Tactics. The process in a whole provides a path
for the firm to follow and is meticulously associated with the organization design studies.
In business administration it is beneficial to discuss "strategic orientation" between the
firm and its situation or "strategic uniformity." As per Arieu (2007), "There is strategic
consistency when the actions of an organization are consistent with the expectations of
management, and these in turn are with the market and the context." Strategic
management is about the stakeholders, the Board of directors and not only the
management team of the organization. It’s determined by the firm’s organization design.
According to Lamb, who contest that, “Strategic management is an ongoing process
that evaluates and controls the business and the industries in which the company is
involved; assesses its competitors and sets goals and strategies to meet all existing and
potential competitors; and then reassesses each strategy annually or quarterly [i.e.
regularly] to determine how it has been implemented and whether it has succeeded or
needs replacement by a new strategy to meet changed circumstances, new technology,
new competitors, a new economic environment., or a new social, financial, or political
environment.” (Lamb, 198
