The aim of this work is to identify strengths and weaknesses in the strategic management processes in a sample of 16 Ibero-American universities. The results show that most universities make an adequate analysis of their general environment. However, in most of the strategic processes studied, there are significant weaknesses in the definition of institutional mission, the analysis of the competitive environment, the analysis of resources and capabilities, the strategy design, and the implementation of the strategy. It was also verified that the analysis of resources and capabilities is the main determinant of success in the design of the strategy, and that strategy design is the key determinant of the implementation of the strategy.