Strategic Management as an Essential Part of Business Development and Growth

This critical literature review analyzes strategic management as a fundamental component of business development and growth. It addresses theoretical gaps in the integration of contemporary management tools and leadership approaches. Through a systematic analysis of at least fifteen key theoretical contributions spanning five decades (1970–2023), this study examines the evolution of strategic management conceptualization, identifies limitations in current models, and proposes a more integrated analytical framework. The review reveals three critical gaps: insufficient integration between strategic planning and operational tools such as TQM and BPR; limited contextualization of leadership models for emerging markets; and inadequate consideration of the impact of digital transformation on strategic processes. The main contributions of this study are a comparative synthesis of strategic management approaches, a critical evaluation of implementation challenges, and recommendations for future research directions that focus on SME applications and digital-era adaptations.