An organized way of managing people and things of an organization is called the Management. The modern concept of management insists that all the functions and activities of managers must be directed towards the achievement of organisational goal. It is also to be noted that this goal should be the goal of every employee and must be considered as group or common goal. The six functional areas of business management involve strategy, marketing, finance, human resources, technology and equipment and operations. Strategic management is an essential component of businesses. It provides overall direction by developing plans and policies which are designed to achieve organizational objective. It also comprises of allocating resources to implement the plans formulated. It helps organisations to have a competitive edge over their competitors. In simple terms, it is the planned use of various organizational resources to attain company’s goals and objectives. It involves evaluating business goals, the organization’s vision and objectives. It also includes evaluating the company’s future plans. The presentation gives better understanding on strategic management.

Anjali Krishna SS

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