STRATEGIC MANAGEMENT 1.0 Background of the Study Strategic management is the process of developing and executing a series of competitive moves to enhance the success of an organization both in the present and in the future. These competitive moves are derived from the demands of the external environment in which the firm operates as well as the internal capabilities, which it has developed or can reasonably hope to build or acquire. While managers may follow somewhat different strategic management routines, a sound process should include an analysis of the current business situation, the formulation of objectives and strategies based on that analysis, and an implementation and evaluation procedure that ensures progress toward each strategy and objective (Liebeskind, 1996). It can also refer to the art of planning a business at the highest possible level. Strategic management focuses on building a solid underlying structure to a business that will subsequently be fleshed out through t...