Strategic management is the process of formulating, implementing, and evaluating a company's strategy, which is comprised of decisions and actions taken to maximize its value. It is a comprehensive and cooperative method of managing businesses and organizations, by which managers set their objectives, determine the plan and resources required to achieve these objectives and then make judgments about the directions of their strategies and plans.

The key components of strategic management include analysis of the external environment, such as competitors, customers and technological advancements, and an assessment of the company's internal environment, including its strengths, weaknesses, and resources. From these analyses, goals and objectives are developed and a strategy is formulated. The company then puts its strategy into action and monitors its progress to ensure that the strategy is carried out effectively.

To be successful, strategic managers must possess a unique set of skills that allow them to successfully evaluate the organization’s external and internal environments, formulate goals and objectives, develop a strategy to reach those goals, and monitor the effectiveness of the strategy. Strategic managers must also be adept at creating relationships with key stakeholders, both inside and outside the organization, to ensure the success of their strategies.

Strategic management is important in virtually all types of organizations. It can be used by companies, universities, nonprofits, and other organizations to make strategic goals and objectives. This form of management allows organizations to adjust to the changing environment, while remaining flexible, creating new strategies and plans to stay ahead of the competition. It can also give organizations a competitive edge by understanding market trends and providing an effective way to set goals and meet objectives.

Overall, strategic management is an integral component of any successful organization, allowing them to adjust to the changing environment and remain competitive. Successful strategic managers must possess the ability to analyze the external and internal environments and develop relationships with key stakeholders. Organizations that utilize strategic management effectively can create a clear plan and meet goals, helping them to achieve success in the long run.