Strategic Management In today's economic environment, where the market has become broad and aggressive, each company, organization, or enterprise has a certain objective to fulfil, and to do so, they must become more competent in today's economic environment. What is the definition of strategic management? Strategic management is identifying and describing the strategies that each company develops in order to perform successfully and earn more profit. The strategic management of a company entity provides guidance in the planning, creation, and implementation of specific goals. The fundamental principles of strategy are outlined here. 1) In a competitive market, establishing a firm's market position 2) Identifying and attempting to prevent hurdles to the firm's growth and development. 3) Creating a complete procedure in a corporate organization and completing all tasks at once. Benefits of strategic management: Strategic management aids i