Businesses vary in formulation and other processes 
The basic components of the models used to analyze strategic management are similar

Strategic management is a process—a flow of information through interrelated stages of analysis toward the achievement of some goal

The strategic management process involves analyzing cross-functional business decisions prior to implementing them. Strategic management typically involves:

• Analyzing internal and external strengths and weaknesses.
• Formulating action plans. 
• Executing action plans.
• Evaluating to what degree action plans have been successful and making changes when desired results are not being produced.

Strategic management necessitates a commitment to strategic planning, which represents an organization's ability to set goals to determine the decisions and actions that need to be taken to produce those results.