Which term describes the managerial process of crafting and executing a company's strategy?

• A. Strategic Management
• B. Strategy Evaluation
• C. Strategic Planning
• D. Operations Management

Answer: (A)

Strategic management is the process of both crafting and executing a company’s strategy. It combines forming the direction—analyzing the environment, setting goals, and choosing how to compete—with implementing those choices—allocating resources, guiding actions across the organization, and monitoring results to adapt as needed. This holistic, ongoing cycle is what lets a firm position itself and evolve over time to achieve competitive advantage.

Strategy evaluation, strategic planning, and operations management each focus on narrower parts: planning emphasizes developing future plans, evaluation concentrates on measuring and adjusting after actions are taken, and operations management deals with day-to-day processes.