Strategic management involves the formulation, implementation, and evaluation of strategies to achieve organizational goals and gain a competitive advantage. It encompasses a range of activities, including analyzing the external environment, assessing internal capabilities, setting objectives, formulating strategies, implementing action plans, and monitoring progress. Here are some key aspects related to strategic management:

1. Best Practices in Strategic Management:

• Environmental analysis: Conduct a thorough analysis of the external environment, including industry trends, market dynamics, customer needs, and competitive forces. Tools like PESTEL analysis, Porter’s Five Forces, and SWOT analysis can aid in this process.
• Setting clear objectives: Define specific, measurable, achievable, relevant, and time-bound (SMART) objectives that align with the organization’s mission and vision.
• Strategy formulation: Develop strategies that leverage the organization’s strengths, mitigate weaknesses, exploit opportunities, and address threats. Various frameworks like the Ansoff Matrix, BCG Matrix, and Blue Ocean Strategy can guide strategy formulation.
• Strategy implementation: Translate strategic plans into action through effective resource allocation, organizational alignment, and communication. Implementing strategies often requires change management and strong leadership.
• Performance monitoring: Continuously assess and measure the progress of strategic initiatives against defined objectives. Key performance indicators (KPIs), balanced scorecards, and regular performance reviews are useful tools for monitoring.

2. Best Use Scenarios: Strategic management is valuable in various scenarios, including:

• New market entry: When entering a new market, strategic management helps assess market potential, competitive landscape, and develop a market entry strategy.
• Growth and expansion: Organizations can use strategic management to identify growth opportunities, such as entering new market segments, expanding geographically, or introducing new products or services.
• Competitive advantage: By understanding their resources, capabilities, and market positioning, companies can formulate strategies to gain a sustainable competitive advantage.
• Crisis management: During crises or periods of disruption, strategic management helps organizations respond effectively, adapt to changing circumstances, and recover from setbacks.

3. Real-World Applications: Strategic management is widely applied in various industries and organizational contexts. Some real-world applications include:

• Business organizations: Strategic management is used by companies of all sizes, from startups to multinational corporations, to drive growth, manage competition, and adapt to changing market conditions.
• Non-profit organizations: Non-profits utilize strategic management to achieve their mission, optimize resource allocation, and develop sustainable funding strategies.
• Public sector: Government agencies apply strategic management to address public policy challenges, optimize service delivery, and enhance citizen satisfaction.
• Healthcare organizations: Hospitals, clinics, and healthcare providers use strategic management to improve patient outcomes, optimize resource allocation, and adapt to regulatory changes.

In summary, strategic management encompasses various best practices and is applicable in diverse scenarios and industries. By effectively formulating, implementing, and evaluating strategies, organizations can achieve their objectives, gain a competitive advantage, and navigate the complexities of the business environment.

Also, from another source:

Strategic management is the process of setting long-term goals for an organization and developing plans to achieve those goals. It involves assessing the organization’s internal and external environment, identifying its strengths and weaknesses, and developing strategies to exploit its strengths and overcome its weaknesses.

There are many best practices in strategic management, but some of the most important include:

• Having a clear vision and mission. What is the organization’s purpose? What does it want to achieve?
• Setting SMART goals. Goals should be specific, measurable, achievable, relevant, and time-bound.
• Analyzing the external environment. What are the trends in the industry? What are the needs of customers?
• Analyzing the internal environment. What are the organization’s strengths and weaknesses?
• Developing strategies. How will the organization achieve its goals?
• Executing the strategies. This involves allocating resources, organizing people, and managing change.
• Monitoring and evaluating the progress. How well is the organization doing? Are the goals being achieved?

Some of the best use scenarios for strategic management include:

• Launching a new product or service. Strategic management can help organizations to assess the market for a new product or service, develop a marketing plan, and allocate resources.
• Entering a new market. Strategic management can help organizations to assess the potential of a new market, develop a sales plan, and build relationships with distributors.
• Expanding into a new geographic area. Strategic management can help organizations to assess the potential of a new geographic area, develop a distribution plan, and build relationships with local businesses.
• Responding to a crisis. Strategic management can help organizations to develop a crisis communication plan, manage the media, and protect their reputation.

Here are some real world applications of strategic management:

• Apple. Apple’s strategic management has helped the company to become one of the most successful technology companies in the world. Apple has a clear vision and mission, and it has consistently set and achieved ambitious goals. The company has also been very effective at analyzing the external environment and developing strategies that exploit its strengths and overcome its weaknesses.
• Amazon. Amazon is another example of a company that has used strategic management to achieve great success. Amazon has a clear vision of becoming the world’s most customer-centric company, and it has developed a number of strategies to achieve this goal. For example, Amazon has invested heavily in technology to improve its customer experience, and it has also developed a number of innovative business models, such as the Amazon Prime program.
• Starbucks. Starbucks is a company that has successfully used strategic management to expand its business into new markets. Starbucks has a clear vision of becoming the world’s leading coffeehouse company, and it has developed a number of strategies to achieve this goal. For example, Starbucks has opened stores in over 70 countries, and it has also developed a number of innovative products, such as the Frappuccino.

Strategic management is a complex process, but it is essential for the success of any organization. By following the best practices and applying the process in real world scenarios, organizations can increase their chances of achieving their goals.