The paper points out the major management features as well as the strategy roles within the strategy management process. Management is a process which helps the transformation of inputs into outputs preceded by planning that enables better organization direction, greater flexibility and better work coordination. Having a strategy would be a good thing for any institution. Strategy management creates common perspective which directs the decisions, actions and people within an institution. The stages of strategy management process are the essence of the process itself as well as its major components. Therefore, the key issue phrase of this type of work is explained through the process stages. Strategy formulation as a stage within strategy management process is carried out by applying strategy analysis and strategy choice. Within the strategy formulation stage, corporate and business strategies are adopted. Strategy formulation and implementation have always been the key management activities and functions because good strategy and its successful implementation are the essence and final result of strategy management. The purpose of this paper is to get acquainted with various types of strategies, to describe in detail strategy formulation on a corporate level as well as on business and function levels and to describe strategy implementation and strategy control. Quality strategy management is crucial for the overall long term success of an institution. As an example of that, the paper offers Agrokor, the largest privately owned company in Croatia and one of the largest companies in southeast Europe.