Strategic management is a process of developing and executing plans to achieve an organization’s mission, vision, and objectives. It involves analyzing the internal and external environment to identify opportunities and threats, formulating strategies to capitalize on opportunities and minimize threats, and implementing strategies to ensure the organization’s success. It is a continuous process that involves setting goals, analyzing the competitive environment, identifying and evaluating strategic options, implementing strategies, and evaluating performance.
The following steps are recommended for a successful strategic management process:

1. Identifying the organization’s mission and vision: A mission statement is a statement of purpose that outlines the organization’s basic functions and goals. The vision statement outlines the organization’s long-term objectives.
2. Environmental analysis: This step involves examining the external environment to identify opportunities and threats.
3. Internal analysis: This step involves examining the organization’s internal environment, such as its strengths and weaknesses.
4. Formulating strategies: Strategies are the plans and actions that the organization will take to achieve its vision and mission.
5. Implementing strategies: This step involves putting the strategies into practice. It includes activities such as developing operational plans, allocating resources, and monitoring progress.
6. Evaluating performance: This step involves assessing the effectiveness of the strategies and making adjustments as needed.

By following these steps, organizations can create effective strategies for achieving their goals and objectives. Strategic management is an ongoing process that requires constant monitoring and evaluation to ensure success.

Unfortunately, despite the importance of strategic management, it can fail in big companies due to a variety of factors.
First, it is important to understand the strategic management process. This involves setting the company’s mission and vision, conducting an external and internal analysis, formulating strategies, and implementing the strategies. From there, the effectiveness of the strategies can be evaluated. But if any of these steps are not effectively done, it can lead to strategic management failures.

Another key factor that can lead to strategic management failures in big companies are the characteristics of the leader in charge of the process. Leaders need to have the right mix of experience, knowledge, and skills to be able to manage the process and make effective decisions. If the leader lacks any of these qualities, it can lead to missteps and errors in the strategic management process. Leadership characteristics is very important to consider when it comes to strategic management. Leaders must be able to make decisions, communicate effectively, and manage resources in order to be successful. However, inadequate leadership can lead to problems in the strategic management process. Goals and tasks may not be clearly defined, or there may be a lack of support from management.

In addition to inadequate leadership, there are a number of external factors that can hinder strategic management. These include unclear strategies, inadequate change management, cultural problems, and no guidelines to implement. Poor communication, lack of time, and lack of resources can also be obstacles. Unexpected problems, limited commitment and understanding, and inadequate staff capabilities can also impede progress.

Finally, limited alignment and coordination can be a major obstacle. If the organization’s different departments are not working together in harmony, it can be difficult to achieve the desired results. Additionally, having no system in place to monitor and support the strategy can lead to further problem.