The body of knowledge on strategic management is quite well-developed. Without a strategy, an organization is directionless and vulnerable to changes in the business environment. Strategy indicates what must be done to survive, grow and be profitable. This article sums up the evolution of thinking on strategic management, examines various trends and anticipates what lies ahead in the coming years.

Strategy is both art and science. Strategy is an art because it requires creativity, intuitive thinking, an ability to visualize the future, and to inspire and engage those who will implement the strategy. It is science because it requires analytical skills, the ability to collect and analyze information and take well-informed decisions.

Without a strategy, an organization is directionless and vulnerable to changes in the business environment. Strategy acts as some kind of a guidepost for a company's ongoing evolution. It provides a direction for the company and indicates what must be done to survive, grow and be profitable.

The term `strategic' is widely used but often in the wrong context. So we must understand the term carefully. We can call an issue strategic if it requires top management involvement, involves major resource commitments and has a long-term impact or organization-wide implications. Though the involvement of top executives is a must in strategic management, people at all levels in the different business units and functions must also be involved. Unless the plans are understood and implemented effectively at these lower levels, the whole purpose of strategic management would be defeated.

Global CEO Magazine, Strategic Management, Business Environment, Economic Goals, Strategic Planning, Strategic Management, Knowledge Economy, Decision-Makers, R&D Department, Quantitative Criteria, Corporate Strategy, Market Developments, Corporate Strategy Group.