Strategic management runs on several time scales. Short term strategies involve planning and managing for the present. Long term strategies involve preparing for and preempting the future. Marketing strategist Derek Abell (1993), has suggested that understanding this dual nature of strategic management is the least understood part of the process. He claims that balancing aspects of strategic planning requires the use of dual strategies simultaneously.
Strategic Management is actually a solid foundation or a framework within which all the functioning managerial operations are bundled together. This is the highest level corporate activity that sets the terms and goals for a company that it should follow for prosperity. (Wikipedia)
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