Though there is no universally accepted single definition of strategic management, its basic essence remains the same.

Strategic management can be defined as the process of formulating and implementing strategies to achieve organizational goals and objectives. It involves analyzing the internal and external environment, setting goals and objectives, developing strategies to achieve those goals, and allocating resources effectively to implement those strategies. Strategic management is a continuous process that requires monitoring and adjusting strategies in response to changes in the environment and the organization's performance. Ultimately, the goal of strategic management is to ensure the long-term success and sustainability of the organization.

True