Kaitlin Nestlebush

“The strategic management process is a rational approach firms use to achieve strategic competitiveness and earn above-average returns” (Hitt, Ireland, and Hoskisson, 2015, p. 25). The strategic management process is all about creating successful and sustainable future for a company. The leadership of a company work together to set goals to achieve competitive advantage and devise strategies to achieve those goals. When working on a strategic plan, leadership is looking at the long-term and creating short-term strategies to achieve their long-term goals. The day-to-day management differs from the strategic management process in that it is all about managing short-term issues. The short-term issues can affect the long-term goals, so are addressed on a daily or weekly basis to keep inline with long-term goals. The strategic management process is used by leadership to establish the foundation of expectations (in the form of goals, policies, values, mission statement, et cetera) that management uses on daily basis to make decisions in the operations of their departments.

References

Hitt, M.A., Ireland, R.D., & Hoskisson, R.E. (2015). Strategic management: Competitiveness and globalization (11th ed). Stamford, CT: Cengage.