STRATEGIC MANAGEMENT: A COMPREHENSIVE REVIEW PAPER

Abstract

Purpose: This paper aims to shed light on the evolution of strategic management over time, including definitions, supporting theories, tools, importance, and application in various business settings, and highlight the challenges and future trends of strategic management.   Theoretical Framework: In the available studies, various researchers examine SM utilization. Others have established tools and techniques, while others have contributed to their definition and classification, or investigated which SMs are in use. However, academics and practitioners seldom debate strategic management literature in depth. Gunn and Williams (2007) noted that there is a dearth of papers concerning strategic management. More must be realized about Strategic management.   Design/Methodology/Approach: This paper employs a systematic review design, also known as an overview, which is a comprehensive synthesis of primary research studies. These approaches are utilized to identify, compile, critically, and synthesize all pertinent issues about the subject (Cipriani & Geddes, 2003).   Findings: Companies that aim to achieve success and remain competitive over the long term must utilize strategic management, which provides organizations with a framework for making decisions, maintaining consistency and cohesion, boosting productivity and flexibility, and promoting teamwork. Therefore, strategists should have a comprehensive understanding of the evolution of strategic management, including the concepts, theories, and tools that could help achieve strategic goals.   Research, Practical & Social Implications: This paper contributes to additional evidence for those interested in strategic management scholars or managers to pay more attention to the tools and theories, that could be improving their organizations. In addition, this study complements the systematic literature review documents related to the content of SM. Moreover, Future research could be extended or discriminate between various types of tools and theories that could apply to strategic management. It could also investigate additional on the changing that facing strategic management.   Originality/Value: This study contributes to filling the gap in the dearth of studies in the strategic management field. The study also provides insights into the definitions, supporting theories, tools, importance, and application in various business settings, and highlights the challenges and future trends of strategic management.