Moreover, Hanson et al (2008) indicate that the strategic management process should be a rational approach that firms must use to achieve strategic competitiveness in the market.
The reason for this argument is because formal strategic planning has been seen to enhance a firm’s performance.
Thompson et al (2006) explain that a firm’s strategy is its management game plan for growing the business, staking out a market position, attracting and pleasing customers, competing successfully, conducting operations, and achieving targeted objectives.
Moreover, concerns about increased international competition brought about by the rapid globalisation phenomenon abound not only in the US but also in Europe with the further expansion of the European Union and in Asia and Latin America due to increased economic integration in these regions.
Management experts therefore have argued time and again that firms or companies should respond to environmental changes, such as increased competition, by engaging in more systematic planning to anticipate and respond to changing and unforeseen events.
Abstract Firms or companies today face a broad array of risks, problems and issues internal to them and external factors relative to increased international competition due to globalisation.
Thus, strategic management is an activity necessary to be undertaken by firms who want to sustain their existence in today’s highly competitive environment.The question however arises as to whether strategic management is an art or a science or that it is simply a mixture of luck and good judgement.Introduction Firms or companies today face a broad array of risks, problems and issues, be they strategic, operational, financial, customer, vendor, competitor, to name a few.Wheelen and Hunger (2008) define strategic management as that set of managerial decisions and actions that determines the long-run performance of a corporation or firm.Accordingly, it includes environmental scanning (both external and internal), strategy formulation (strategic or long-range planning), strategy implementation, and evaluation and control.It is also partly the product of managerial analysis and strategic thinking about what actions need to be taken in the light of all the circumstances surrounding the firm’s situation.This paper explores the idea that ‘business strategy is a mixture of luck and judgement, opportunism and design, others argue that strategy is more of an art than a science’.In short, strategic management emphasises the monitoring and evaluation of external threats and opportunities in light of a firm’s internal strengths and weaknesses.As Hoffman (Spring 2007) puts it, strategic managements seeks to align the firm’s activities with its external environment.In particular it examines the roles of strategic management in planning an organisation’s future development buy developing knowledge and practice in the application of strategic management concepts and techniques.IS BUSINESS STRATEGY A MIXTURE OF LUCK AND JUDGEMENT, OPPORTUNITIES AND DESIGN, OR MORE OF AN ART THAN A SCIENCE?