Strategic management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy and then over time initiating whatever corrective adjustments required for achieving the long-term objectives and goals of an organization. It is the continuous planning, monitoring, analysis, and assessment of all that is necessary for an organization to meet its goals and objectives.
It is the systematic analysis of the factors associated, with customers and competitors and the organization itself to provide the basis for maintaining optimum management practices. It is the management of an organization’s resources in order to achieve its goals and objectives. Strategic management involves setting objectives, analyzing the competitive environment; analyzing the internal organization, evaluating strategies, and making sure that the strategies are rolled out across the organization.
Strategic management is the comprehensive collection of ongoing activities and processes that organizations use to systematically coordinate and align resources and actions with mission, vision, and strategy throughout an organization. Strategic management activities transform the static plan into a system that provides strategic performance feedback to decision making and enables the plan to evolve and grow as requirements and other circumstances change.
Strategic management can be used to determine mission, vision, values, goals, objectives, roles and responsibilities, timeliness, etc.