Toyota Strategic Management

Strategic Management Definition 1. “Strategic management can be defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives.” David, F.R. (2009). 2. “An integrative management field that combines analysis, formulation, and implementation in the quest for competitive advantage.” Rothaermel, F. T. (2012) 3. “Strategic management includes understanding the strategic position of an organisation, making strategic choices for the future and managing strategy in action.” Johnson, G, Scholes, K. Whittington, R. (2008) 4. “Strategic management is defined as the process by which managers of the firm analyze the internal and external environments for the purpose of formulating strategies and allocating resources to develop a competitive advantage in an industry that allows for the successful achievement of organizational goals.” Cox, M. Z., Daspit, J., McLaughlin, E. and Jones III, R.J. (2012)
Various definitions are used to describe the subject, but the combination of all 4 definitions used previously gives us a much clearer view of what the subject is:
Strategic management is a continuous process of strategic analysis, strategy creation, implementation and monitoring, used by organizations with the purpose to achieve and maintain a competitive advantage.

The difference between strategic management and strategic Planning:
Both strategic management and strategic planning terms mean the same! The difference is that the latter one is more used in the business world while the former is used in the academic environment. (http://www.strategicmanagementinsight.com/) A visual depiction of the strategic management process The strategic management process never ends; the process restarts after a plan ends. The company takes the results and re-evaluates its position.
Assessment involves performing a situation analysis, self-evaluation, and competitor analysis—both internal