Strategic management is the process of formulating 
   and implementing strategies to achieve long term 
   goals and competitive advantage.
   Definition;
   “ A stream of decision and actions, which lead to the 
   development of an effective strategy or strategies to 
   help achieve corporate objectives”.
                                                                 - William F. 
   Glueck
   strategic management is that set of managerial 
   decisions and actions that determines the long run 
   performance of a corporation, it includes strategic 
   intent, environment scanning, strategic formulation, 
   strategic implementation, evaluation and control.
   Strategic management process;
     The Strategic management process means defining 
   the organisation strategy. It is also defined as the 
   process by which a manager makes a choice of a set 
   of strategies for the organisation that will enable it to 
   achieve better performance.
   Steps in strategic management process;
   1. Developing Vision, Mission and Objectives
   2. Environmental Scanning
   3. Strategy Formulation
   4. Implementing Strategy 
   5. Strategy Evaluation
   Benefits of Strategic Management;
   1. Creating a better future
   2. Identifying strategic directions3
   3. Make better business decision
   4. Business Longevity
   5. Increasing market share and profitability
   6. Avoiding competitive Convergence
   7. Financial Benefits
   8. Non-financial benefits
   Limitation Strategic Management process;
   1. Complex Process
   2. Time consuming
   3. Difficult to Implement
   4. Requires Skilful planning
   5. The future doesn’t unfold as anticipated
   6. It can be expensive.
   Conclusion:
     the process in not a one time implementation but 
   we can think strategic management process as a loop 
   which keeps on going to achieve the objectives as per 
   the needs.