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Definition: Strategic Management is the field within business administration and management concerned with the way organizations can determine and execute their strategy to realize their long-term goals effectively and efficiently.
Strategic management involves the formulation and execution of the strategic vision, major goals and strategic initiatives by a company's top management in order to create value for the owners (shareholders) and stakeholders, based on consideration of the resources, strengths and weaknesses of the organization, the industry structure and macro environment in which the organization operates and competes.