The document discusses the strategic management process and levels of strategy. It defines strategic management as the process of defining an organization's strategy and choosing strategies to enable better performance. The strategic management process has four steps: environmental scanning, strategy formulation, strategy implementation, and strategy evaluation. Strategy exists at three levels - corporate, business, and functional. The nature of strategy is that it sets actions, relates the organization to its environment, provides structure, is future-oriented, takes an integrated approach, and involves contradictory actions balancing internal and external factors.