ABSTRACT
Strategic management involves the development of strategies and the formulation of policies to achieve organizational goals and objectives. In this process, attention must be given to both external strategies and internal capabilities. Strategic management offers a framework by which an organization can adapt to the vagaries of an unpredictable environment and uncertain future. An interface is provided between the performance capacity of an organization and the opportunities and challenges it must face in the broader environment. Strategic management is concerned with relating organizational resources to challenges and opportunities in the larger environment and determining a longrange direction relative to these resources and opportunities.
