Strategic Management is an approach through which the Chief executive officer of the company and the executive team proposes the objective and the policies and plans to achieve the company’s objectives.

Strategy formulation involves certain processes. They are

•Before the proposal of strategic management the authorities must make a detailed analysis of the current position of the company in the market, determine where the proposal would take the company to heights, and the steps steps to get to the position.

•Situational analysis has to be made.
•The objective has to be set. That must include future plans, role of the company in the current stage and the near future, financial objectives, tactical objectives.
•The strategic plans must also involve plans and the steps that have to be taken to achieve the goals.

To achieve the set goals resources of any kind must be allocated in sufficient. The resources may be any thing as meeting the hardware and the software requirements and the human resource that is required to complete the task.