The Hellenic Open University is a part of the Hellenic life long learning system and, as other universities offering distance education, it operates in a more flexible way compared to the other, “traditional” Higher Education Institutions in Hellas (Greece). However, it is a new entity and its management faces a lot of challenges and issues stemming from the continuously changing environment. As a consequence, it needs a vision and the respective management approach. In this paper, a management vision is proposed as well as a short and long term management approach. It is identified and described on the basis of three main elements: Strategic analysis, strategic choice and strategy implementation. Hence, the current and future educational environment is analyzed and the use of technology and other resources as well as the role of employees are examined. These are followed by an analysis of the competitive advantage and organizational sustainability, quality and continual improvement and economic and overall organizational capacity. This analysis is accompanied by proposed strategies and tactics for implementation (i.e. how things will be done and by whom in the short- and long run). As expected, the thorough analysis of the internal and external environment and the effective and efficient use of all resources available is the only way for successful implementation of any chosen strategy.