In a business, several factors facilitate the success of the business or affect its achievements. Strategic management is the process of studying and putting into practice all factors favorable to the business and eliminating all factors that may harm the business. Jurevicius (2012) defines strategic management as the science and art of formulating, evaluating, and implementing cross-functional decisions that are critical to an organization's ability to achieve its objectives. Differences in business performance are primarily due to management's ability to use strategic management skills in running the business. Strategic management involves analyzing problems regarding the business structure and environment, making the right decisions about how to deal with the problems, and putting those decisions into practice, with the aim of countering competition and improving improve business results (Dess, Lumpkin and Taylor 2005, p. 1). In strategic management, managers must work not only on the internal business environment, but also on the external business environment, formulating competent strategies, executing these strategies, then evaluating the effectiveness of the strategies and making adjustments necessary, if the need arises. (Parnell 2008, p. 2). In the internal business environment, strategic management involves the creation of such an environment in which all activities are effectively coordinated and directed towards achieving business objectives. When formulating the strategic management plan, managers define the company's mission and establish the strategies to be followed by all employees to work towards achieving the mission. The mission of a...... middle of paper ......strategies to meet different needs, put the strategies into practice, and then follow up to evaluate the effectiveness of the strategies in achieving the objectives of the company. Works CitedPrintedDess, GG, Lumpkin, GT and Taylor ML 2005, Strategic Management. 2 ed. New York: McGraw-Hill Irwin. PrintNedelea, S & Paun AL 2009, The Importance of the Strategic Management Process in the Knowledge-Based Economy, Review of International Comparative Management Volume 10, Issue 1, March 2009. Sources PrintOnlineJurevicius, O. February 13, 2013, Strategic Management Insight; Everything you need to know about strategic management. Internet. Retrieved from http://www.strategicmanagementinsight.com/topics/strategic-management-planning.htmlParnell 1/10/2008, Fundamentals of Strategic Management. Internet. Retrieved from http://www.atomicdogpublishing.com/pdf/parnell_ch01.pdf