Strategic management is an essential component of every successful firm.

It necessitates the
development and implementation of a precise strategy that will guide the company's activities and
choices. Strategic management assists firms in evaluating their strengths and weaknesses, analyzing the
market and rivals, and developing strategies to achieve their objectives.

Sustainability is causing a fundamental shift in people's understanding and worldview, and it increasingly
looks to be a financial requirement for businesses of all sizes (Elliot and Webster, 2017). However,
management teams frequently fail to connect sustainability to business strategy (Porter and Kramer,
2006).

Mintzberg (1990) asserted that strategy should come before action. As a result, a company's
sustainability activities should start at the strategic management level. Strategic management is more
than simply the strategic plan of the organization. Rather, it is the sum of a company's plans, goals,
capabilities, resources, and actions that result in measurable outcomes (Galpin, Whittington, and Bell,
2015). In contrast to traditional strategic planning, which is defined by the methodical elaboration of
strategies aimed at achieving organizational goals (Mintzberg, 1987), this more integrated perspective of
the corporation. According to research, corporations that use strategic management outperform those
that do not, with strategic management providing: a clearer direction for the company
, a better knowledge of a quickly changing environment and a tighter emphasis on what is strategically
relevant (Wilson, 1994).

Strategic management, according to Thompson and Martin (2017), consists of four major components:
analysis, formulation, implementation, and assessment. Identifying the organization's internal and
external environments, as well as its strengths, weaknesses, opportunities, and threats, is part of the
analysis process. Formulation necessitates the development of a plan based on the study's results.
Implementation is the process of putting the plan into action, whereas evaluation is the process of
monitoring and altering the strategy as needed.

One of the most important advantages of strategic management is that it gives a plan for the company to
follow. When a clear plan is in place, everyone in the company understands what needs to be done and
how their efforts fit into the greater picture. Because everyone is working toward the same goal,
efficiency improves. It also enables for improved decision making since decisions may be made with the
end aim in mind.

Another advantage of strategic management is that it helps organizations retain their competitiveness.
Organizations can achieve a competitive edge by researching the market and rivals. This might include
creating new products or services, enhancing current ones, or entering new markets.

Other methods of strategic management include SWOT analysis, the balanced scorecard, and scenario
planning. The SWOT analysis looks at a company's strengths, weaknesses, opportunities, and threats.
The balanced scorecard is a tool for monitoring and controlling organizational performance, whereas
scenario planning is imagining a variety of future scenarios and designing answers for each one.

Despite its many advantages, strategic management is not without difficulties. One of the most difficult
issues is ensuring that the strategy is consistent with the company's aims and principles. This
necessitates great leadership and communication abilities, as well as the ability to adapt and change as
necessary.
Putting the strategy into action is another difficulty. A strategy will fail if it is not properly implemented.
This necessitates the dedication of everyone in the company, as well as the necessary resources and
competencies.

Strategic sustainable development is a strategy that combines strategic management with sustainable
development to give a framework for increasing an organization's competitiveness while also protecting
the environment and resources for future generations. This strategy necessitates enterprises taking into
account the complex interdependence of economic, social, and environmental variables, as well as
developing a long-term vision that prioritizes the interests of all stakeholders.

The first stage in strategic management is an internal organizational analysis. Understanding the
organization's strengths and shortcomings is crucial. Strengths include a highly skilled staff, a powerful
brand, and a one-of-a-kind product or service. Inefficient processes, outmoded technology, or a lack of
competence in a certain field are examples of weaknesses.

The following step is to perform an external analysis. It is necessary to recognize market and competitive
environment opportunities and dangers. Emerging markets, altering consumer tastes, and new
technology all have the potential to provide opportunities. New rivals, economic downturns, and
changing legislation are all potential threats.

Following the completion of internal and external analyses, the next step is to develop a strategy. The
approach should be based on the study's conclusions regarding the study's strengths, weaknesses,
opportunities, and threats. The strategy should be developed in such a way that it capitalizes on the
organization's strengths, overcomes its deficiencies, and capitalizes on opportunities while minimizing
risks.

The strategy will then be put into action. This process includes allocating resources, assigning
responsibilities, and creating performance goals. Effective strategy execution necessitates strong
leadership, great communication, and a culture that supports the strategic plan.

The final stage is to evaluate the plan. This includes keeping track of progress, measuring performance,
and making changes as appropriate. The review process should be ongoing, and the strategy should be
modified as needed to ensure that it remains aligned with the company's goals and objectives.

One of the most important aspects of strategic management is the alignment of the strategy with the
goals and objectives of the firm. The strategy should be designed to complement the company's mission
and vision. It should also be adaptive to changing circumstances and priorities.

Another important aspect of strategic management is the inclusion of all stakeholders in the process.
Employees, customers, suppliers, and other business partners are all represented. The involvement of all
stakeholders helps to ensure that the strategy is comprehensive and includes all points of view.

A multitude of approaches and concepts can be used in strategic management. The most common are
SWOT analysis, PESTEL analysis, and Porter's five forces analysis. These tactics assist organizations in
determining their personal strengths, weaknesses, opportunities, and threats, as well as external factors
that may impact their success.
In recent years, there has been a boom of interest in the application of technology to strategic
management. Artificial intelligence, big data, and blockchain are just a few examples of digital
technologies that have the potential to transform the way businesses operate and compete. For
example, big data may be used to analyze customer behavior and preferences, whereas blockchain can
be used to establish secure and transparent supply networks.

Strategic management and sustainable development are two essential components that businesses must
adopt to achieve long-term success. Strategic management is the process of recognizing and assessing
an organization's internal and external surroundings in order to develop a strategy that matches to its
goals and objectives. Sustainable development, on the other hand, attempts to meet present needs
without harming future generations' ability to meet their own.

The combination of strategic management and sustainable development has gained in relevance in
recent years as firms strive to achieve long-term profit while also fostering environmental sustainability
and social responsibility. This integration requires organizations to consider their impact on the
environment and society in addition to their financial success.

One technique for combining strategic management with sustainable development is the Triple Bottom
Line (TBL) framework, The TBL paradigm takes three dimensions of sustainability into account: economic,
social, and environmental, the economic dimension is concerned with the financial performance of an
organization, whereas the social dimension is concerned with the social impact of an organization's
activities. Finally, the environmental dimension is concerned with the environmental impact of the
organization. The TBL framework can assist an organization in making decisions by considering the
impact of its activities on all three dimensions of sustainability (Elkington, 1998) A circular economy
concept is another option for businesses to mix strategic management with sustainable growth, to
reduce waste and improve sustainability, this strategy stresses material reduction, reuse, and recycling,
Companies that use a circular economy model can lessen their environmental effect while
simultaneously enhancing their financial line.

Companies that successfully combine strategic management and sustainable development can reap a
number of benefits. They can, for example, establish a positive reputation that attracts consumers and
investors who are interested in sustainability. They may also save money by adopting environmentally
friendly practices such as garbage minimization and the usage of renewable energy sources.
Furthermore, they can create a more engaged and motivated workforce by promoting social
responsibility and environmental sustainability.

It is critical to note that promoting strategic sustainable development necessitates an organizational

cultural shift. Organizations must create a culture that promotes long-term growth and is committed to
creating value while minimizing environmental impact. This culture must pervade the organization's
decision-making, operations, and CSR initiatives.

Finally, strategic sustainable development demands a comprehensive plan that considers the numerous
interrelationships between economic, social, and environmental problems on a global scale. Adoption of
the SDGs, circular economy concepts, and innovative business models may all contribute to the
promotion of sustainable development. Promoting global strategic sustainable development, on the
other hand, needs a collaborative strategy involving global stakeholder participation as well as a
transformation in corporate culture that emphasizes sustainable development. Companies that use this
method may create wealth while simultaneously fostering sustainable growth and contributing to a
more sustainable future for everybody.

References:

Elliot, S. and Webster, J. (2017). Editorial: Special issue on empirical research on information systems
addressing the challenges of environmental sustainability: an imperative for urgent action. Information
Systems Journal.

Porter, M.E. and Kramer, M.R. (2006). Strategy & Society: the link between competitive advantage and
corporate social responsibility. Harvard Business Review.

Mintzberg, H. (1990). The design school: reconsidering the basic premises of strategic management.
Strategic Management Journal.

Mintzberg, H. (1987). Crafting strategy. Harvard Business Review

Galpin, T.J., Whittington, J.L. and Bell, R.G. (2015). Is your sustainability strategy sustainable? creating a
culture of sustainability. Corporate Governance

Wilson, I. (1994). Strategic planning isn’t dead-it changed. Long Range Planning

Thompson, A. A., & Martin, F. (2017). Strategic management: awareness & change. Cengage Learning