Strategic Management for Sustainable Business Development: Concepts, Theories and Practices

Abstract

Strategic management is crucial for the organization as it serves as a guideline for executives to set the direction of organization, analyze both external and internal environments, and determine suitable strategies for the organization. This enables the implementation of these strategies and the control and evaluation of the organization's performance. Strategic management is a process of defining the organization's direction and objectives through short-term, medium-term, and long-term plans, also ensuring these plans are effectively executed. It involves documenting the vision of the organization, its mission, and operational strategies. This serves as a roadmap for organizational activities. This document acts as a tool for coordinating and monitoring organizational operations to ensure alignment and consistency. This research article aims to study the concepts, theories and components of strategic management, the processes and practices of strategic management and strategic management for sustainable business development.