Strategic management is the process of defining an organization's direction and making decisions on allocating resources to pursue this direction. It involves analyzing the internal and external environments, setting long-term goals, and formulating strategies to achieve these objectives. This approach helps organizations adapt to changes and maintain a competitive advantage. Key components of strategic management include SWOT analysis, which assesses strengths, weaknesses, opportunities, and threats, and performance measurement to evaluate the effectiveness of strategies. By continuously monitoring and adjusting strategies, organizations can respond to market dynamics and improve overall performance.