## TL;DR
Strategic management defines how organizations create and sustain competitive advantage through analytical frameworks and disciplined execution.

## Core Explanation
Strategy formulation: external analysis (PESTEL), internal analysis (VRIO: Valuable, Rare, Inimitable, Organizationally exploited resources), strategy selection (cost leadership, differentiation, focus). The resource-based view argues sustainable advantage derives from unique internal resources.

## Detailed Analysis
Blue Ocean Strategy advocates creating uncontested market space. McKinsey estimates 70% of strategic initiatives fail due to execution issues. OKRs (Objectives and Key Results) align organizational effort with measurable outcomes.

## Further Reading
- Harvard Business Review: Strategy Collection
- McKinsey Quarterly
- Strategic Management Journal