Exam Question
(a) What is meant by Strategic Management? Explain the significance of Strategic Management in the working of an organization.
(b) Define Strategy and Tactics. Differentiate between strategy and Tactics giving examples
Class 1 (Chief Engineer)
Engineering Management
📅 Aug 2021
Reference Answer
### (a) Strategic Management and its Significance
#### Definition of Strategic Management
Strategic Management is the comprehensive and ongoing process of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its long-term objectives and fulfill its mission. It is an integrative discipline that synthesizes various functional areas of a business—such as management, marketing, finance/accounting, production/operations, research and development, and information systems—to achieve organizational success. The core purpose is to chart a clear course for the organization's future, ensuring its viability and competitive standing in a dynamic environment.
#### Significance of Strategic Management
#### Definition of Strategic Management
Strategic Management is the comprehensive and ongoing process of formulating, implementing, and evaluating cross-functional decisions that enable an organization to achieve its long-term objectives and fulfill its mission. It is an integrative discipline that synthesizes various functional areas of a business—such as management, marketing, finance/accounting, production/operations, research and development, and information systems—to achieve organizational success. The core purpose is to chart a clear course for the organization's future, ensuring its viability and competitive standing in a dynamic environment.
#### Significance of Strategic Management
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