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The strategic management discipline originated in the 1950s and 1960s. Among the numerous early contributors, the most influential were Peter Drucker, Philip Selznick, Alfred Chandler, Igor Ansoff, and Bruce Henderson.
Strategy is the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals. (Chandler, Alfred Strategy and Structure: Chapters in the history of industrial enterprise, Doubleday, New York, 1962)
Strategy is about “purposes, directions, choices, changes, governance, organization, and performance of organizations in their industry, market and social, economic, and political contexts” (Pettigrew et al., 2002, p. 3).
Strategic management involves understanding the strategic position of an organisation, strategic choices for the future and managing strategy in action. Strategic management involves exploring and management of an organizational corporate strategy. It also involves modeling and analysing the overall corporate strategy of the system to include the strategic position of the organisation, strategic choices by the organisation and strategy in action within and around the organisation.
A strategic management theory may be said to be a supposition, proposition or a system of ideas intended to explain the origin, evolution, principles and applications of strategic management. Strategic management theories actually stem mainly from the systems perspective, contingency approach and information technology approach to corporate management.
Strategic management is the process and approach of specifying an organization’s objectives, developing policies and plans to achieve and attain these objectives, and allocating resources so as to implement the policies and plans. In other words, strategic management can be seen as a combination of strategy formulation, implementation and evaluation (David, 2005; Haim Hilman Abdullah, 2005; Mohd Khairuddin Hashim, 2005; Zainal Abidin Mohamed, 2005).
O’Connell notes that "Arts organisations operate in an increasingly competive market for audiences and consumers, and in the context of limited financial resources are coming under increasing pressure to be more innovative in their art or artform and more professional in terms of the way in which they are organised and managed".
Mintzberg identifies three fundamental “fallacies” of strategic management