It is the art and science of implementing and developing all the potential of a company, which ensure a long-term survival Any company that wants to be successful and get benefits, you should have a formal system of strategic management. The firm had to agree with him, not only to obtain higher levels of profitability but not to be doomed to certain failure. Therefore, the strategic management process requires planning, a continuous process of decision making, deciding in advance what to do, how, when to do it and who is going to do The term strategy applied to the field of corporate governance and organizations, though relatively recent, and has gone through numerous approaches and meanings that have served to set up a body of techniques and ideas associated with them we know today, such as management or strategic direction.

The strategic direction is focused on the analytical framework of the strategy. Additional information is available at Federal Reserve Bank. After analyzing the environment, induce the resources and capabilities to choose the best strategy, and its subsequent implementation in the various institutions. Strategic management not only refers to in the most important issues facing the organization, but must ensure that strategies are implemented. It considers three main elements, which provide a conceptual framework. These elements are: strategic analysis, which the strategist is to understand the strategic position of the company, the strategic choice that has to do with the formulation of possible courses of action, their evaluation and the choice between them, and finally planning those tasks related to how to make the strategic choice and direction of the changes required..