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.

Strategy entails: specifying the organization's mission, vision, and objectives; developing policies and
plans to execute the vision; and allocating resources to implement those policies and plans.

Strategy is largely about using internal assets to create a value-added proposition. This helps to
capture opportunities in the competitive environment while avoiding threats.

Experts in the field of strategy define the potential components of strategy and the different forms
strategy can take.