Strategic management directs decisions, actions, and people in the organization, and first and foremost defines the organization’s mission and goals by taking into account all the resources needed for success. Strategic management was not always of the crucial importance to the companies because they worked in a local environment, their resources were physical and tangible, and the changes that took place were periodic and gradual. Today, companies' environment is global, resources are inexhaustible, and changes are permanent and unpredictable. Strategic management as a process consists of four phases. In the first phase- strategic thinking, the key factors and trends of the internal and external environment are explored and analyzed. A successful environmental analysis helps the organization in avoiding unpleasant surprises and is an excellent introduction for the second phase of strategic management- strategic planning. In the second phase, the vision and mission of the company are brought together, the common values and the long-term goals and strategies of the organization are determined. The result of strategic planning is the strategic plan that represents the orientation plan of the organization’s work and development for a certain time interval in the future. In the third phase of strategic management - implementation of the strategy, which is according to most authors the most difficult and most demanding, the emphasis is on the implementation and realization of a strategic plan, ie the transformation of ideas from the theory into practice. The last phase, strategic evaluation and control, is focused on monitoring and evaluating the strategic management process. This phase is set to determine and measure deviations and take corrective actions to keep the company on the desired path.