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Essential elements of strategic planning

What is meant by the term "strategic management"? Also, explain the essential elements of strategic planning.

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What is meant by the term "strategic management"?

Strategic management
As per "Strategy is the direction and scope of an organization over the long-term: which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations".

In other words, strategy is about:
"* Where is the business trying to get to in the long-term (direction)
* Which markets should a business compete in and what kinds of activities are involved in such markets? (markets; scope)
* How can the business perform better than the competition in those markets? (advantage)?
* What resources (skills, assets, finance, relationships, technical competence, and facilities) are required in order to be able to compete? (Resources)?
* What external, environmental factors affect the businesses' ability to compete? (environment)?
* What are the values and expectations of those who have power in and around the business? (stakeholders)"

Strategic planning.

As per quickmba, ...

Solution Summary

Response guides about essential elements of strategic planning