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an on-going dynamic process. It requires synergy from all aspects of the business to work towards new directions following the changing business environment based on long-term and short/medium term vision. The various types of strategies include Marketing, administration, legal, human resources and financial as well as information technology directed towards common corporate objectives. These strategies take into account of corporate values, culture, goals and mission and visualization of goals by easing the process of achieving them.

Due to the dynamic nature of strategic management, organizations may adopt it specifically to gauge core business areas or implement it holistically. Moreover, the widespread acceptance of the practice of strategic management has made it a necessary tool for business operations rather than an optional management approach.

There are two broad approaches to strategic management.

a. Industrial organization approach - This involves the use of economic theories based on competition, resource allocation, economies of scale and assumptions of self -interest behaviour such as profit maximization.

b. Sociological approach - This is based on human interactions, satisfying behaviour as well as profiteering.

Whichever the approach an organization adopts, the rationale is to plan and manage resources efficiently and effectively to minimize wastage and optimize resources.

To successfully adopt and implement strategic management, the business plan must be supported by the three important elements, according tony (2004). These are 'adequate resources, an appropriately aligned organizational structure and the motivation of the organizational members to exert sustained goal-oriented effort.' Rooney’s statement reflects the misconception that strategic awareness, on its own, guarantees success, regardless of the required infrastructure and resources. Conversely, strategic management requires careful consideration for the company's current resources and improve it to materialize the organization’s vision.

The distinction between planning and implementation is thus clear, as it is one thing to visualize while it is an entirely different state of affair to implement. Implementation requires focus, consistency, and flexibility. It requires awareness and consideration. Management of resources, alone, does not constitute strategic management if it lacks planning. Likewise planning is useless unless the management is consistent in its progressing implementation. The key is to balance both planning and implementation with consistency and flexibility towards change. As Hamel and Prahalad (1993) note, long-term success depends on the ultimate challenge of pursuing strategy for sustaining competitive advantage as the industry evolves.

Rationale

Sustaining competitive advantage, therefore, is the challenge for firms that want to attain successful strategic management. Competitive advantage refers to the exploitation of tangible and intangible resources to develop strategic plans to cater to customers' needs. During the industrial era, these had been material resources and本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。