Final answer:
Strategic management is the comprehensive process of setting an organization's mission and goals, crafting and applying strategies and ensuring these strategies succeed using strategic control. it requires adaptability and consideration of both internal capabilities and external environments.
Step-by-step explanation:
Understanding Strategic Management in Business: The continuous process of determining the mission and goals of an organization, considering its external environment, and its internal strengths and weaknesses, then formulating and implementing strategies, and exerting strategic control to ensure the success of these strategies in achieving the organization's goals, is known as strategic management. This detailed process involves the strategic planning where organizations, similar to states, make complex decisions based on available information which could include market intelligence or internal performance data. The end objective is to navigate towards a path of growth, innovation, and success despite the uncertainties and challenges that may arise from both the market and external forces.
In the context of a nation-state, strategic management reflects a more geopolitical and macroeconomic stance where every decision is a part of a complicated equation aiming at maximizing the net benefit for the country. It's essential that these strategies are flexible and adaptable, given the ever-changing nature of global politics and economics. This same adaptability is mirrored in individual career planning, emphasizing the importance of having clear but flexible goals complemented by an actionable plan to overcome expected and unexpected career challenges.