Stated simply, strategic planning involves formulating business goals that take into account your company's market environment and resources and then laying out a sequence of actions to accomplish those goals.
Strategic management is the way a strategic plan is internalized by the company and carried out.
Every day, executives and managers of family owned companies of all types and sizes make decisions. You choose suppliers, you hire, promote and fire employees, you repair or replace equipment. A lot those decisions are made under the pressure of time or circumstances. The customer is on the phone and wants an answer now. The supplier sends a fax saying he can't deliver at the bid price because his costs have just gone up.