Organizations exist to survive, prosper. in an ever-changing dynamic world, managers need to make decisions now to guide the organization’s future direction. Prosperity is linked not only with profitability but also the long term growth. It’s like steering a ship in the ocean with the danger that pirates may take over, or it might become the victim of the deadly waves. The ship here refers to the company itself and the challenges here include the competitors, the environment, etc. Thus, there is a strong need for the managers to make a strategy that works as an action plan to achieve the aimed objectives. The objectives may be both financial such as higher revenues, lower costs, high profits, or non-financial just to be the top in the industry, largest market share, or to place the product in the top minds of the customers.Thus, the need arises to have a blueprint that tells how to go about it? Companies need to diverse, differentiate, integrate backward or forwards, and manage business portfolio balanced. And hence they need to plan – develop a vision, set the mission, develop long term plans, and further break them into objectives to achieve the desired goal. But it is important that the strategy is to be consistent with the organizational goals and policies, it should be flexible enough to respond to the faster-changing environment in which it is operating, and it should add value to the organization and become a source of advantage over its competitors, and lastly, it should be feasible and practical enough to get through.Strategic management can be defined as the art and science of formulating, implementing, ad evaluating cross-functional decisions that enable an organization to achieve its objectives (David F.R., Strategic Management). The process of strategic management involves three stages, viz. formulation of a strategy, implementing a strategy, and lastly, evaluating the strategy.