Strategic management refers to the process through which the vision of a business organization is defined. It includes the processes of planning, directing, and controlling all the activities of an organization in order to achieve the desired state or position (Tyndall & Cameron, 1990). Strategic management is comprised of nine primary tasks which include mission formulation, development of a company profile, assessment of the external environment, analysis of options available for a company, identification of desirable alternatives, selection of grand strategies and long term objectives, development of short term strategies and annual objectives, Implementation of strategic choices and strategic process evaluation.
The three levels of strategy in organizations are departmental or functional level, business level and corporate level. An example of functional level is marketing strategy while product line is an example of business level strategy. Corporate level is represented by business selection as an example (Barney, 2011). The implication of viewing strategic management as a process is that it enables organizations to prepare for the process by providing relevant resources such as financial resources.
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