Strategic management analyzes the major initiatives taken by a company's top management on behalf of owners, involving resources and

performance in internal and external environments.[ ! "n management theory and practice, a distinction is often made between operational management and strategic management. #perational management is concerned primarily with responses to internal issues such as improving efficiency and controlling costs. Strategic management is concerned primarily with responses to external issues such as in understanding customers' needs and responding to competitive forces. $idely%cited &arvard 'usiness School professor (ichael )orter identifies three principles underlying strategic positioning* creating a +uni,ue and valuable position+, making trade%offs by choosing +what not to do+, and creating +fit+ by aligning company activities to with one another to support the chosen strategy.[-! .r. /ladimir 0vint defines strategy as +a system of finding, formulating, and developing a doctrine that will ensure long%term success if followed faithfully.+[1! Strategic management provides overall direction to the enterprise and is closely related to the field of #rganization Studies. "n short, it entails specifying the organization's objectives, developing policies and plans designed to achieve these objectives, and then allocating resources to implement the plans. 2cademics and practicing managers have developed numerous models and frameworks to assist in strategic decision making and in understanding infinitely complex macro%economic environments. Strategic management is not static in nature3 the models often include a feedback loop to monitor execution and inform the next round of planning