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Strategic management can be used to determine mission, vision, values, goals, objectives, roles and responsibilities, timelines, etc.
Once there were two company presidents who competed in the same industry. These two presidents decided to go on a comping trip to discuss a possible merger. They hiked deep into the woods. Suddenly, they came upon a grizzly bear that rose up on its hind legs and snarled. instanantly, the first president took of his knapsack and got out a pair of jogging shoes. The second president said, "Hey, you can't outrun that bear." The first responded, "May be I can't outrun that bear, but I surely can outrun you!" This story captures the nation of strategic management, which is to achive and maintain competitve advantage.