Strategic Management – The Most Exciting Management Discipline-An Analysis

Strategic management is most exciting of the management disciplines.Strategic management is about success and failure, about the ability to plan wars and win them.Big mergers-perhaps the most visible sign of strategic management in action-catch the headlines.Effective strategic management can transform the performance of an organization, make fortunes for shareholders, or change the structure of an industry.Ineffective strategic management can bankrupt companies and ruin the careers of chief executives.Thus, strategy can be defined as "Ideas and actions to conceive and secure the future".This definition highlights the fact that strategy requires thought about the future but also effective action to realize the conception.This definition, though brief, does not imply that strategy cannot have the many aspects discussed above.It is apparent that definitions of strategy vary."To understand the reasons for this variation, it may help to have some understanding of where the ideas come from Military thinkers, political thinkers, academics, and practitioners have all considered the issue of strategy.