The strategic management process is:

a process directed by top management with input from other stakeholders that seeks to earn above$-$average returns for investors through effective use of the organization's resources.

a set of activities that will assure a sustainable competitive advantage and above$-$average returns for the firm.

a decision$-$making activity concerned with a firm's internal resources, capabilities, and competencies, independent of the conditions in its external environment.

the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above$-$average returns.