Strategic management is the process of building capabilities that allow a firm to create value for customers, shareholders, and society while operating in competitive markets (Nag, Hambrick & Chen 2006). It entails the analysis of internal and external environments of firms to maximize the use of resources in relation to objectives (Bracker 1980). Strategic management can depend upon the size of an organization and the proclivity to change the organization's business environment.
Source: Boundless. “What is Strategy?.” Boundless Management. Boundless, 08 Dec. 2014. Retrieved 18 Jan. 2015 from https://www.boundless.com/management/textbooks/boundless-management-textbook/strategic-management-12/strategic-management-86/what-is-strategy-415-1550/