Why is strategic management important?

Strategic management is concerned with setting the goals of an organisation or business and deciding how to achieve them.

It's important because if you don't do it, then

a) you don't really know what you're trying to do, and

b) insofar as you do know what you're trying to do, you don't know how to you're going to do it

To use personal travel as an example

Person A:  "I'm going to go to Chicago, and I'm going to take the train" = good strategic managment

Person B:  "I'm not sure which city I'm going to ... I might think about transport type later"  = bad/no strategic management

QUIZ - Which person is more likely to end up in Chicago?