Business is like any battlefield. “If you want to win the war, you have to know who you are up against”, says one small business consultant. Unfortunately, most businesses are not very good at competitive intelligence. For instance, it is estimated that about 97 percent of US businesses do not systematically track the progress of their key competitors. The strategic management process as such, helps a company to gain competitive advantage over its competitors thereby enhancing efficiency and effectiveness in its overall performance. Strategic management is taken to mean a set of decisions and actions which guide the direction and scope of an organisation over a long term, which achieves advantage on the changing environment through its configuration of resources and competences with the aim of fulfilling stakeholders’ expectations. It is the responsibility of strategic managers in an organisation to chart the way in ensuring that the organisation is headed in the right direction, is strategically positioned and have in place a game plan of managing the process of getting there. The strategic management process involves spelling out the vision and its mission; determine the strategies and the entire management process if the organisation has to achieve the overall intended business purpose. The process starts by scanning environmental both internal and external, state who they are, by defining its vision, mission, goals and objectives followed by strategy formulation, strategy implementation, execution and evaluation. The paper aimed at highlighting the main features of the strategic management processes by giving an overview of strategic management, and its functions including the following: developing a vision and mission statement, setting objectives, craft strategies, strategy implementation and performance evaluation.