RETHINKING STRATEGIC MANAGEMENT IN THE AGE OF SUSTAINABILITY

Abstract

In a contemporary and competitive environment, sustainability has emerged as an important goal in the business environment. Strategic management has become increasingly effective in providing solutions to complex dilemmas and providing sustainable actions for achieving long-term objectives. However, many organizations are still struggling to design, align, and implement their strategic plans in an uncertain and diverse environment. This conceptual literature review study develops a comprehensive understanding of the strategic management process and investigates how firms implement strategies to support long-term sustainable success. The study reviewed previous and contemporary research studies to investigate how IFAS, EFAS, and SFAS function as analytical tools for supporting decision-making at the corporate and business level. The review's findings indicate that organizations continue to face challenges in strategy implementation due to many internal and external factors. Nevertheless, effective practices of strategic management are important for achieving long-term competitive advantages in the global market.