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5 Types of Strategic Management

Strategic management is the process of developing and carrying out plans to realize a broad business strategy. The goal is to allocate resources, which entails developing a plan of action for how the company will spend resources in order to capitalize on its competitive advantage and accomplish its objectives. Making strategic decisions that harmonize a company's plan with its core strengths also requires monitoring the effectiveness of an organization's strategy over time.

Mainly, there are 5 types of strategic management representing the organizational focus and action.

1. Competitive Strategy

2. Business Strategy

3. Corporate Strategy

4. Functional Strategy

5. Operational Strategy

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