This chapter discusses different approaches to strategic management. In the first approach, known as the classical school, strategic management is synonymous with strategic planning. Strategic planning is used by an enterprise to strike a balance between the resources, the strengths and the weaknesses of the enterprise on the one hand, and the opportunities and threats from the environment on the other. According to the classical school of strategic management, the main issue is positioning the organisation in relation to the environment. The degree to which an organisation succeeds in utilising a more effective management strategy depends on the existing vision and how it is communicated. The chapter shows how an existing strategy can be fully adapted or revised as part of the process of strategic management. Organisation and management need to meet specific requirements in order to be able to apply the portfolio technique successfully.