What Is A Strategic Management Process?

The strategic management process refers to the defining of the strategy of the firm. The strategy of the firm will consist of lots of elements. The bringing together of all these elements in a manner that is economically feasible over the long run will be the key stone of a great strategic management initiative.

Strategic management has to lead to equitable growth. The various elements in a strategic management plan are:

Vision of the firm
Mission of the firm
Stakeholders in the firm
Line of business that the firm transacts in
Plan for marketing various goods and services
Manufacturing plan of the firm
The outlook towards technology adaptation
The personnell required to run the business
The attitude towards handling various regulatory bodies

E.g. If you consider the type of personnell that the firm will require, the strategic management plan will outline qualities - academic, managerial and personal that the employee of the firm needs to possess.