Final answer:
Strategic management is the process of formulating and implementing strategies to achieve organizational goals and objectives. It involves analyzing the external environment, identifying opportunities and threats, and assessing internal strengths and weaknesses. By aligning the organization's resources and capabilities with the external environment, strategic management helps in gaining a competitive advantage and achieving sustainable success.
Step-by-step explanation:
Strategic management is the process of formulating and implementing strategies to achieve organizational goals and objectives. It involves analyzing the external environment, identifying opportunities and threats, and assessing internal strengths and weaknesses. By aligning the organization's resources and capabilities with the external environment, strategic management helps in gaining a competitive advantage and achieving sustainable success.
One example of strategic management is the case of Apple Inc. The company's success can be attributed to its strategic decisions, such as the launch of innovative products like the iPhone and iPad, as well as its focus on creating a unique customer experience through its retail stores and ecosystem of products and services.
An outside source that can be cited for further information on strategic management is the article 'Strategic Management: Concepts and Cases' by Fred R. David and Forest R. David. This book provides a comprehensive overview of strategic management theories, frameworks, and case studies.