What is a key characteristic of the strategic management process?

A key characteristic of the strategic management process is its focus on long-term decision-making. This aspect is essential because strategic management involves setting long-term goals and determining the best actions to achieve them. It requires evaluating the current position of the organization, anticipating future challenges and opportunities, and making informed decisions that align with the organization's vision and mission.

In contrast to just operational efficiency or daily management tasks, which are more concerned with the short-term functions of running a business, strategic management is about positioning the organization for sustained success over time. Similarly, the focus on immediate financial returns overlooks the importance of building a sustainable competitive advantage through careful planning and resource allocation, which are hallmarks of the strategic management process. Therefore, the emphasis on long-term focused decision-making highlights the strategic nature of planning and executing business objectives that ensure the organization's growth and resilience in the marketplace.