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The difference between strategic management and strategic planning. Both strategic management and strategic planning terms mean the same! The difference is that the latter one is more used in the business world while the former is used in the academic environment.
Strategic Management Process-Meaning, Steps and Components. The strategic management process means defining the organizations strategy. It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance.resent businesses that have already created a strategic management plan will revert to these steps as per the situations requirement, so as to make essential changes. Components of Strategic Management Process. Strategic management is an ongoing process.