Formal Managerial Function :
Strategic management is a formal function of management because under this, objectives are determined, strategies are formulated, implemented and evaluated.
Follows System Approach :
Strategic management concepts follows system approach. It is treated as a system. In this system, the organisational objectives take precedence over departmental or individual objectives.
Dynamic Process :
It is a dynamic process as it involves making changes in organisational objectives, policies and plans of business, according to the changes in internal and external business environment.
