Strategic management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy and then over time initiating whatever corrective adjustments required for achieving the long-term objectives and goals of an organization.
An organization’s Chief Executive Officer (CEO) is the most important strategy manager. However, there are basically four distinct levels of strategy managers:-
The CEO and other senior corporate level executives: They are primarily responsible for the big strategic decisions of an organization.
Business unit managers: A business unit manager is responsible. for the profit and loss of his specific business unit. This is why; he is also responsible for crafting and executing Strategy for his own business unit.
Functional area managers: Functional area managers (manufacturing, marketing, sales, finance, personnel managers etc.) support the business unit’s overall strategy with strategic actions in their own areas.
Operational unit managers: They are responsible for developing the details of strategic efforts in their areas and for executing the overall strategic plan at the grassroots level.
Finally, we can say that every manager is a strategy maker and strategy implemented for the area he or she supervises. It is the continuous planning, monitoring, analysis, and assessment of all that is necessary for an organization to meet its goals and objectives.