Key Terms in Strategic Management

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There are some of basic strategic management key terms that need to be considered at the beginning in order to completely understand strategic management. Those people in the organization who are fully responsible for the failure r success of the organization are referred to as strategists. Strategies are formed by strategists. Examples of strategists include chief executive officer, chair of board, chief executive officer, president & owner, entrepreneur or dean etc. The information is gathered, analyzed and organized with the help of strategists. They identify industry & competitive trends, establish scenario analysis & forecasting model, evaluate corporate & divisional performance, and point out new marketing opportunities, highlight new threats for the organization & preparation of potential action plans. They further assist in supporting or staffing role. The decision making at the top level of management in the organization is mostly taken by these strategists. The most crucial & visible strategic manager in the organization is the CEO. Moreover every manager in the organization who has the responsibility for profit or loss results, responsibility for division or unit, or having clear authority over some element of organization is said to be strategist or strategic manager.