This document discusses strategic management and the strategic management process. It covers: 1) The importance of strategic management and having a formal strategic management system. 2) The steps in the strategic management process including identifying the organization's mission/objectives/strategies, analyzing the external/internal environment, identifying strengths/weaknesses/opportunities/threats, formulating strategies, implementing strategies, and evaluating results. 3) Different levels of organizational strategies including corporate, business, and functional strategies and examples like grand strategies, BCG matrix, and Porter's generic competitive strategies.