Although small and medium-sized enterprises (SMEs) typically employ the majority of an economy's workforce, the related knowledge base business is insufficient for SME managers to own (Beaver, 2003). Indeed, formal plans or cost controls are often only provided irregularly and planning instruments are usually only used by a small number of individuals and developed in a rather intuitive way (Brinkmann, 2002). These gaps highlight the importance of further examining the value of strategic management for SMEs. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay Globally, academics and practitioners have called for increased use of strategic planning in SMEs, as the role of strategic planning in large companies and the conception that decision-making triumphs in companies, whatever their size, has been recommended. In this sense, numerous empirical studies highlight a link between strategic planning and performance (Bracker et al., 1988). According to Gibson and Cassar (2002), large companies are more successful than SMEs because large companies plan strategically. Strategic management is considered to be the set of decisions and actions that result in the formulation, implementation and control of plans designed to achieve the vision, mission, strategy and strategic objectives of an organization in the business environment in which it operates (Pearce and Robinson, 2005). . Implementation of the strategic plan is an integral part of the strategic management process and is considered the process that transforms the formulated strategy into a series of actions and then results to ensure that the vision, mission, strategy and strategic objectives of the organization are successfully achieved. as expected (Thompson & Strickland, 2003).Keep in mind: This is just a sample.Get a custom paper from our expert writers now.Get a custom essayStrategic management can be defined in different ways. According to the study by Wheelen and Hungers (2006), strategic management is a set of managerial decisions and actions that determine the long-term performance of a company. It involves environmental scanning (both external and internal), strategy formulation (strategic or long-term planning), strategy implementation, and evaluation and monitoring. They emphasize the analysis and evaluation of external opportunities and threats in terms of an organization's strengths and weaknesses (Wheelen and Hunger, 2006). From Dess and Miller's (1993) perspective, strategic management is a process that combines three major interrelated activities: strategic analysis, strategy formulation, and strategy implementation...