Dr: Ahmad Jamil Almhairat
Abstract:
Background:
Strategic Management (SM) is recognized as a critical organizational process involving the formulation and implementation of major goals and initiatives taken by a company’s top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. The purpose of this study is to explore the multifaceted dimensions of SM and to elucidate their impact on achieving sustainable competitive advantage and organizational success. SM encompasses several foundational elements, including environmental analysis, strategy formulation, strategy implementation, and strategy evaluation and control, all guided by effective strategic leadership.
Methods:
This study conducts a comprehensive review of contemporary literature and established theoretical models in strategic management (post-2015) to provide an in-depth analysis of SM’s core processes, implementation challenges, and its overall effectiveness in dynamic environments. The exploration focuses on identifying and examining the core dimensions that constitute the SM framework and their synergistic interplay in achieving long-term organizational objectives.
Result:
The research highlights “environmental scanning and analysis” as a foundational step in SM, emphasizing the critical need for organizations to understand their external (opportunities, threats) and internal (strengths, weaknesses) landscapes. “Strategy formulation” is identified as a crucial phase involving the development of a vision, mission, objectives, and the crafting of specific strategies (corporate, business, functional) to achieve them. Furthermore, “strategy implementation” is demonstrated to be a complex but vital dimension, focusing on translating strategic plans into actionable steps through resource allocation, structural alignment, and cultural adaptation. “Strategy evaluation and control” is underscored as an essential SM element, requiring continuous monitoring of performance and taking corrective actions to ensure strategies remain relevant and effective. Finally, “strategic leadership” is established as an overarching dimension, crucial for driving the entire strategic process, fostering a strategic mindset, and ensuring organizational alignment.
Conclusion:
The study demonstrates that the effective application of Strategic Management principles and processes leads to improved organizational performance, enhanced adaptability, sustainable competitive advantage, and long-term value creation. This research contributes to a deeper understanding of how SM can be utilized as a dynamic capability for navigating uncertainty and achieving enduring success in diverse organizational contexts. By embedding SM into their core operational philosophy, organizations can proactively shape their future, optimize resource utilization, and forge a resilient path towards strategic excellence.