Strategic management is a process of environmental scanning, strategy formulation, strategic implementation , evaluation and control. Strategy can be be formulated so as to take competitive advantages in the marketplace. It will be best done when a strategist clearly assess both internal as well as external factors of the business environment. Formulating strategies means devising the plan of action against the next move of the immediate competitors.
Strategy implementation refers to the execution part of the strategic management. For example: If, a company has join hands with industry leader then implementation will be start when the company will achieve the target as mutually assigned by the company.
A strategy , when formulated well then if it will be fail at execution point then every thing will be go to the unsuccessful part.