Introduction

The common elements in many success stories in business were the presence of soundly formulated and effectively implemented strategies. Whereas tactics are concerned with the maneuvers necessary to win battles, strategy is concerned with winning the war (Grant, 2002). Therefore, strategies are long-term orientated, while tactics focus on short-term reactions to your environment.

Strategic management is an important movement in management concepts, as it is easy to implement. It is also used in practice, as almost every company employs the concepts of strategic management. Most strategic activities consist of three important points: (1) strategic analysis, (2) strategic choice and (3) implementation of strategy.