Strategic management is the process business leaders use when creating goals and planning how to allocate resources to achieve those goals for their organization. It involves exploring both internal processes from within the organization and external factors, such as the role competition plays in the success or failure of a company. This type of management is a holistic approach that combines classic top-level managerial thinking with the application of modern theories and processes. It's a growing specialty field, with the Bureau of Labor and Statistics (BLS) expecting the field to grow at about 11% per year through 2029, which is much faster than average.