In the highly competitive business environment and for an organization to be sustainable and prosperous in its business sector, an organization must engage in strategic planning that will help set the direction of an organization in carrying out its activities. It is an analysis and development process to move an organization or destination from its current competitive position to a more desirable future competitive situation. According to Lamb (1984), “Strategic management is an ongoing process that evaluates the business and industries in which the company is involved; evaluates its competitors and establishes objectives and strategies to satisfy all existing and potential competitors; and then re-evaluate each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has been successful or needs to be replaced by a new strategy to address changing circumstances, new technology, new competitors, a new economic environment. new social, financial or political environment". [1]It was also supported by Alfred Chandler as he recognized the importance of coordinating various aspects of management into a single overarching strategy. Before then the various management functions were separated with little coordination or overall strategy. Interactions between functions or between departments were generally managed from a boundary position, that is, there were one or two managers passing information back and forth between two departments. Chandler also stressed the importance of taking a long-term perspective when looking into the future. In his groundbreaking 1962 work Strategy and Structure, Chandler demonstrated that a coordinated long-term strategy was necessary to provide corporate structure, directing us to improvement and sustainable organization. It has also been argued by David F. (1989) that “strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives”. [4]References:1. Lamb, Robert, Boyden Competitive strategic management, Englewood Cliffs, NJ: Prentice-Hall, 19842. Chandler, Alfred Strategy and Structure: Chapters in the History of Industrial Enterprise, Doubleday, New York, 1962.3. Modeling Strategic Analysis in Strategic Management by Sigitas Vaitkevicius, Engineering Economics No. 4, 2006.4. David, F Strategic Management, Columbus:Merrill Publishing Company, 1989.5. Strategic Management and Business Policy by Thomas L. Wheelen and J. David Hunger, Pearson Prentice Hall: Pearson International Edition (11th edition), 2008.