Strategic management is the means by which a business plans for its long term future. It is a process which establishes what success will look like in three to five year's time, analyzes the current state of the business and puts in place a road map to move the company from where it is now to where it needs to be.
There are three stages in the strategic management process. Stage one involves analysis of the context in which the business operates. A future search is undertaken to understand likely and predicted changes in industry, governments and society which will impact on the company or its products. This is combined with a current state analysis of the business operations and its ability to adapt and grow to meet the future challenges.