What are the most important aspects of strategic management?

The most important aspects of strategic management

1. Far enough time horizon ... which could be5 years in certain case ... and may go up to50 years or even100+ years in other cases.
2. Connection with the long term vision, destination and ultimate purpose
3. Translation of point2 above into phased approach strategic goals and objectives (in chunks of5 years)
4. Exploring the future (positive and negative) using a suitable technique like the multiple extreme scenarions technique.
5. Preparing for the two most extreme scenarios (to be identified in point4 above)
6. Conducting a brutally honest and accurate SWOT alanysis exercsise
7. Deep and thorough understanding of the overall business model descriptors of the coproate
8. Be realistic in understanding the "gap" between different levels in the organizational structure of the corporate and what matters most to each level
9. Get special functions/departments to help manage/run the corporate srategically ,,  like corporate development, strategy management office, corporate wide PMO and corporate wide  governance
10. Implement a strategy execution approach to turn the strategy into actions and turn the vision into reality

I hope this is enough in answering your question

good planning, proper implementation and FULL CONTROL