Strategy management is a top management function, which includes formulation of comprehensive plans for the organization, be it for profit or not for profit organization, taking in to consideration, the resources, capability, scope of future growth and implementation. Top level managers take cross functional strategic decision for smooth functioning in accordance with the vision of the company and at the same time keeping the mission of the company in mind. While formulating the strategy for short term or long term various factors are considered. An effective process planning along with a 360 degree feedback system makes strategy efficient and effective.
In current times, even if strategic decisions are taken by top management, considering the importance of today’s managers, management studies programs keep course credits dedicated for strategic management paper.
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