A Review of Strategic Management Theories and Practices

Abstract

Strategic management is a core discipline in business and organizational studies, concerned with formulating, implementing, and evaluating decisions that enable organizations to achieve long-term objectives and sustain competitive advantage. Over time, strategic management has evolved from classical planning approaches to complex, dynamic, and resource-based perspectives that address uncertainty, globalization, technological change, and competitive intensity. This review critically examines the major theories and practices of strategic management, including classical, resource-based, competitive, dynamic capabilities, stakeholder, and contemporary digital-era approaches. By synthesizing insights from foundational and modern literature, the paper highlights the strengths, limitations, and practical relevance of key strategic frameworks. A comparative analysis of dominant theories is presented, followed by a discussion of current challenges and emerging trends in strategic management practice. The review concludes by emphasizing the need for integrative and adaptive strategic approaches in an increasingly complex business environment.