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Academic Paper from the year 2010 in the subject Business economics - Business Management, Corporate Governance, grade: A, , course: Management, language: English, abstract: To deal with the subject matter "strategy", the following definitions are used at first hand to pave the way and to open into concrete references so as to give flexible links to following headings of the research topic above. "Although managers have always needed to devise the means to compete (often referred to as competitive strategies), the dramatic increase of competition with many markets in recent years has enhanced the importance of strategy and the strategic management process".This shows that strong objectives must be put in place by a manager to enhance the strategic management process. "Fundamentally, the objective of strategic management is to determine, create, and maintain competitive advantage, so competitive advantage is the ability of a firm to win consistently over the long term in a competitive situation. In the case of for profit organizations, this means consistently gaining greater profits than competitors. Competitive advantage is created through the achievement of five qualities; Superiority, inimitability, durability, no substitutability, and appropriabiliy".The ISP is made up of six major areas, which are the topics too. The topics have been approached with the necessary brevity as much as possible. I have also taken time to break down points to make it simple and understandable. Where I see the need I tried to exhaust to the full limits of topics as much as possible and the necessary terms have been preserved since they will find professional applications, so they have not been changed as such.Definitions and statements are appropriately referred and much literature has been supported by the necessary pages and website references as well. I tried to take care to expatiate on the subject matter (topics) sense, with the sense that pertains in the text books and websites I used. Where the topics were in question forms, I tried to satisfy it so that the focus of the literature appeared to always address or acknowledge the question, in order not to just satisfy the essay but the question answering mode too.