Strategic management is all about identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage if its profitability is higher than the average profitability for all companies in its industry. Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm's performance. The manager must have a thorough knowledge and analysis of the general and competitive organization environment so as to take right decisions.They conduct SWOT Analysis ( Strength, Weakness, Opportunities, and Threats), that is they should make best possible utilization of strength, minimize the organization weakness, make use of arising opportunities from the business environment and should not ignore the threats.

Strategy is all about integrating organizational activities and utilizing and allocating the scarce resources within the organizational environment so as to meet the present objectives. While planning a strategy it is essential to consider that decisions are not taken in a vacuum and that any act taken by a firm is likely to be met by a reaction from those affected, competitors. customers, employees or suppliers. Mission statement is the statement of the role by which an organization intends to serve its stakeholders. It describes why an organization is operating and thus provides a framework within which strategies are formulated.