Strategic management essentially helps organisations to understand what one is selling to whom, how and finally how to make better money in the business process. If these basic questions are not asked by the organisation then the current scenario would make existing of the business difficult.

The next step is to do the environmental scanning of the industry/ business in conjunction with the global scenario and evaluate the same against the strengths/ weakness of the organisation. The core competencies of the organisation are leveraged to come out with the revised Vision and Mission objectives.

Based on Vision and Mission objectives the corporate strategies are evolved followed by SBU wise and function wise strategies. Then the business plan is evolved based on these strategies and policies followed by programs that are devised to implement these strategies.

Finally, a well thought out strategy is of no use if it is not implemented properly. Proper review and control systems need to be set up for implementing the strategies as per plan.