Strategic management involves developing the company's vision, environmental scanning, strategy formulation, implementation, evaluation and control.…

The major benefits of strategic management are: Strategic management gives directions to the company to move ahead. It defines the goals and mission.It helps organisations to be proactive instead of reactive in shaping their future.It provides frameworks for all major decisions of an enterprise such as decisions on businesses, products, markets, manufacturing facilities, investments and organisational structure. It provides better guidance to the entire organisation on the crucial point - what it is trying to do.It helps organisations to identify the available opportunities and identify ways and means to achieve them.It serves as a corporate defence mechanism against mistakes and pitfalls.It helps to enhance the longevity of the business.It helps the organisation to develop certain core competencies and competitive advantages that would facilitate survival and growth.