ABSTRACT
In business practice, the term strategic management is used interchangeably with the terms corporate strategy, business policy and strategic planning. Igor Ansoff, known as 'the father of strategic management', elaborated in 1957 a matrix to help an organisation choose a strategy of growth in order to be prepared for future opportunities and challenges. He suggested four main strategies: market penetration, market development, product development and diversification. The focus of planning shifts from internal to external factors and increasingly relates to outside factors, especially markets, competitors, stakeholders and collaborators. Seeking a competitive advantage becomes an important focus in business strategies. Most research work and publications in strategic management and planning have focused on business organisations. Strategic innovations require forming strategic alignments among stakeholders. Strategic innovative thinking is a crucial aspect of strategic management. The overall organisational behaviour is influenced by unpredictable external factors.
