Strategic management is the process of long-term thinking by which individuals within organizations [Page 1180]decide what they want those organizations to be, what products or services to bring to the market to satisfy customers, and what resources, people, and tools are needed to get it all done.

Strategic thinking requires stepping back from thinking about how to get through a day or week (the short term) and focusing on far-reaching goals that may be years ahead. Attention is directed toward selecting long-term goals and considering what resources and actions will be required to get success at these goals. Leaders often struggle with this concept. With the pressure of daily operations, such as paying bills, meeting deadlines, and remaining profitable, it can be difficult to find the ...