1.0 Introduction
In a world where competition is at all-time high, a well-developed and constantly reviewed
business strategy is essential to the survival of a company. At its very roots, strategy is a means
of prevailing over adversaries and has retained this semantic meaning since then despite being
applied to different contexts and human relationships (Mainardes, Ferreira and Raposo, 2014).
Kenneth Andrews (1980) defines business strategy more specifically as a slew of decisions that
determine goals and produces a plan for achieving them, and highlights what kind of an
organisation the business intends to be. However, only having a strategy isn’t enough, and
constant evaluation of the strategy is vital. Strategic evaluation is the process of looking more
deeply at the fundamental factors and trends that controls the organisations success, instead of
just looking at the obvious facts regarding short term success of the business (Rumelt, 1993).
As such, this paper endeavours to highlight why the development and review of strategies are
essential for business survival and success.
2.0 Importance of developing business strategy
Thompson, Strickland and Gamble (2007) identify two reasons why it is essential for
