Strategic management refers to the development and implementation of strategies designed to determine a company’s long-term goals, effectively utilize resources, and gain a competitive advantage. This approach involves assessing both the internal and external environments of the company, setting objectives, defining targets, and planning the necessary steps to achieve those goals. Strategic management aims to ensure a company’s long-term success and enhance its competitive position. Proper strategic management offers several benefits to a company, including guidance, competitive advantage, resource management, risk management, innovation and growth, ease in decision-making processes, collaboration with other companies, and communication. Strategic management is a critical management approach used to map out the path required for a company’s long-term success and goal attainment.