Describe the strategic  management process. What does it mean to manage strategically?

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Strategic management is an activity that helps organizations determine their goals and the most effective ways to reach them. This process involves five main steps, including setting goals, creating strategies for reaching those objectives, implementing chosen strategies, tracking progress and making adjustments.

Managing strategically means being able to identify opportunities or threats in an organization’s external environment and responding appropriately in order to maximize its competitive advantage. You must have a clear idea of the direction in which your business is heading, and also understand how trends can affect its future performance. Additionally, it’s important to be aware of resources available as well as limitations on these resources when creating plans that will lead to successful outcomes. Strategic management encompasses planning, organising, leading, and controlling an organisation, which allows for more effective achievement of desired goals than when these tasks are done independently.