Redefining Strategic Management Process : The need of the Hour

Strategic management is defined as the art and science of formulating, implementing, and evaluating cross-functional decisions that enable the organization to achieve its objectives. Generally, strategic management is not only related to a single specialization but covers cross-functional or overall organization. Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes.