Strategic management has seven pillars which are given as below:

1) Business Environment

2) Business policy and strategic management

3) Strategic Analysis

4) Strategic planning

5) Formulation of functional strategy

6) Strategic implementation and control

7) Reaching Strategic Edge

The ideal strategic management planning process includes decision makers from all the three company levels (the corporate, business and functional) -for example the chief executive officer (CEO), the product managers, and heads of functional areas. In addition, the team obtains input from company planning staff, when they exist, and from lower level managers and supervisors. The latter provide data for strategic decision making and then implement strategies. Because strategic decisions have a tremendous impact on a company and require large commitments of company resources, top managers must give final approval for strategic action.

Planning departments often headed by a corporate vice president for planning are common in large corporations. Medium sized firms often employ at least one full time staff member to spearhead strategic data collection efforts. Even in small firms or less progressive larger firms, strategic planning often is spearheaded by an officer or by a group of officers designated as planning committee.

Precisely what are mangers' responsibilities in the strategic planning process at the corporate level and business level?

Top management shoulders broad responsibility for all the major elements of strategic planning and management. They develop the major portions of the strategic plan and reviews, and they evaluate and counsel on all other portions. General Managers at the business level typically have principal responsibilities for developing environmental analysis and forecasting, establishing business objectives and developing business plans prepared by staff groups.

A firm’s president or CEO characteristically plays a prominent role in the strategic planning process. In many ways, this situation is desirable. The CEO’s principal duty often is defined as giving long term direction to the firm, and the CEO is ultimately held responsible for oversight of the design and implementation of the firm’s strategy and therefore for the success of its strategy.

However, when the CEO is very autocratic, the effectiveness of the firm’s strategic planning and management is likely to be diminished. For this reason, establishing a strategic management system implies that the CEO will allow managers at all levels to participate in the strategic posture of the company.   

In implementing company’s strategy, the CEO must have an appreciation for the power and responsibility of the board, while retaining the power to lead the company with the guidance of informed directors. The interaction between the CEO and board is key to any corporation’s strategy.