Strategic management is a stream of decisions and actions, which lead to the development of an effective strategy or strategies to help achieve corporate objectives. Strategic management is concerned with deciding on the strategy and how the strategy is to be put into effect. Strategic management allows an enterprise or an organization to base its decision on long-range forecasts. It also allows the firms to take action at an early stage of a new trend and consider the lead-time for effective management. A sound strategic management process helps to ensure that all organizational parts are working towards the same objective and purpose. Strategic management will never be a cure-all especially for incompetent management. it can go a long way in improving an organization’s long-term performance. Now looking at the importance of strategic management and its relevance in the present circumstances, the subject strategic management itself is in the midst of an evolutionary process. In the course of its development, several strands of thinking are emerging which are gradually leading to a convergence of views. We now have a wealth of insights into the complexities of strategic behaviour- the observable characteristics of the manner in which an organization performs decision-making and planning functions with regard to the issues that are of strategic importance to its survival, growth and profitability. Several persons, among whom are the doyens in the field of strategy, have contributed to the formulation of these perspectives.