The term strategic management is frequently used with strategic planning. Strategic Managements is the art and science of formulating and implementing and evaluating cross -functional decisions that enable an organisation to achieve it objectives ( Fred R.David ) The strategic management is to make use of naval and diversified openings for the future and planning to optimize the trends of today for the future. Stages of strategic management is as follows;

Strategy identifying external opportunities and setbacks identifying internal weaknesses and strengths and planning a long term objectives.

Company must have objectives, policies to motivate its employees and adequate resources to formulate strategies to be executed. Developing a strategy supportive culture, creating an effective structure, redirecting marketing endeavour, budget preparation, initiating and developing information technology systems and coordination of employees for the purpose of increasing productivity.

Final process of this is strategic management. Managers of the company must aware the strategies and deviate which is fit for the organisation and which are not suitable and strategy evaluation is the way of receiving such data.