Strategic management is the set of managerial decision and action that determines the long-run performance of a corporation.

Strategic management has now evolved to the point that it is primary value is to help the organization operate successfully in dynamic, complex environment.  It includes environmental scanning (both external and internal), strategy formulation (strategic or long range planning), strategy implementation, and evaluation and control. Strategic management therefore emphasizes the monitoring and evaluating of external opportunities and threats in lights of a corporation’s strengths and weaknesses.