strategic management
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Strategy comes from the Greek work strategos, which has its roots in military language. It refers to a general's grand design behind a war or battle. In fact, Webster's New American Dictionary defines strategy as the "skillful employment and coordination of tactics" and as "artful planning and management"
Strategic management is a process, and approach to addressing the competitive challenges an organization faces. It can be thought of as managing the "pattern or plan that integrates an organizatio's major goals, policies, and action sequences into a cohesive whole" Thes strategies can be either the generic approach to competing or the specific adjustments and actions taken to deal with a particular situation.
Fisrt, business organizations engage in generic strategies that often fit into some strategic type. One example is "cost, differentiation, or focus." Another is "defender, analyzer, prospector, or reactor". Different organizations within the same industry often have different generic strategies. These generic strategy types describe the consistent way the compay attempts to position itself relative to competitors.
However, a generic strategy is only a small part of strategic management...