Question

What do you mean by strategic management? Discuss various schools of thought in strategic management. 

20 Jul 2026
Answer :
Word Count : 710
Strategic management is the systematic process through which an organization formulates, implements, evaluates, and continuously improves strategies to achieve its long-term goals and objectives. It involves analyzing the internal strengths and weaknesses of the organization along with the external opportunities and threats in the environment. In public systems management, strategic management helps government organizations and public institutions improve efficiency, accountability, service delivery, and responsiveness to citizens' needs. It provides a clear direction for policy formulation, resource allocation, performance measurement, and adaptation to changing social, political, economic, and technological conditions. Strategic management is not merely long-term planning but a dynamic process involving environmental scanning, vision and mission formulation, strategic choice, implementation, monitoring, and evaluation. Public organizations use strategic management to address complex governance challenges, ensure sustainable development, and achieve public value while balancing political expectations, legal requirements, and stakeholder interests. Different scholars have explained strategy through various schools of thought. Henry Mintzberg and his colleagues categorized these perspectives into ten major schools of strategic management, each emphasizing a different aspect of strategy formulation and implementation. The Design School views strategy as a process of conception. It focuses on matching an organization's internal capabilities with external environmental conditions. Managers carefully assess
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