Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success.What is strategic management and why is it important? Strategic management provides overall direction by developing plans and policies designed to achieve objectives and then allocating resources to implement the plans. Ultimately, strategic management is for organisations to gain a competitive edge over their competitors.What are the five stages of strategic management process? The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.What is strategic management role? Strategic management is an essential component of businesses. ... Strategic management therefore entails evaluating business goals, the organisation's vision and objectives as well as the future plans. In addition, a strategic management process is employed to ensure that the business runs effectively and efficiently.What are the types of strategic management? Types of Strategies: Corporate Strategies or Grand Strategies: ADVERTISEMENTS: ... Business Level Strategies: Business-level strategies are fundamentally concerned with the competition. ... Functional Strategies: These strategies may be Operations Strategy, Marketing Strategy, Finance Strategy, and Human Resource Strategy.What are the 7 steps of strategic management process? 7 Steps Effective Strategic Planning Process Step 1 – Review or develop Vision & Mission. ... Step 2 – Business and operation analysis (SWOT Analysis etc) ... Step 3 – Develop and Select Strategic Options. ... Step 4 – Establish Strategic Objectives. ... Step 5 – Strategy Execution Plan. ... Step 6 – Establish Resource Allocation. ... Step 7 – Execution Review.