The current economic environment is very competitive. Only companies that adopt efficient strategies will achieve success. Strategic management helps an entity use its resources effectively to gain a cost advantage. A cost advantage plays a key role in ensuring that a company offers competitive product prices in the market. The foundations of management come from previous thoughts and books on strategy that date back thousands of years (Ambrosini and Bowman, 2009). Strategic management refers to a continuous process of analyzing, creating, and monitoring an entity's strategic progress to ensure sustainability (Helmstetter, Cleveland, Evans, & Galloway, 2002). Organizations formulate strategies to focus their energy in one direction to achieve superior performance. Ambrosini and Bowman (2009) indicate that strategic management and strategic planning mean the same thing, except that the term strategic management is used in academia while strategic planning is used in industry. According to Hopkins, Mallette and Hopkins (2013), strategic management is essential to sustain competitive advantage. Organizations must sustain their competitive advantage to stay ahead of competitors. According to Ambrosini and Bowman (2009), companies that have competitive advantages, perform financially better than other companies in the industry and also perform better than the industry average. Strategic management is also important in seeing the organization as a whole. Organizations do not use finances, operations or marketing to create an advantage competitive from different departments often see the organization from different perceptions, which are narrow for the whole organization...... middle of the document ......ar, the company's shares were reported at 255 million dollars (Enz, 2010 In 1994, Callaway Golf introduced an innovative iron design that would complement their previous innovation and increase the company's profitability. Pehlchen (2003) argues that Callaway pursued its strategic mission to produce innovative products that increased the company's profitability. A case study analyzing Callaway indicates that the company believed that innovation could enable business profitability. As the golf industry continued to grow, the company embarked on an innovation strategy for its sustainability. Therefore, strategic management plays an important role in ensuring that a competitive entity increases the chances of its overall growth. Efficiency in strategic management can enable a company to gain a sustainable competitive advantage over its competitors in the market.