There is a Japanese saying that goes, "When you're dying of thirst, it is too late to think about digging a well." This saying exalts the importance of strategic management to success in any endeavor.

The phrase "strategic management" is sometimes used as a synonym for "strategy," but the two terms are not actually the same. A company's strategy is its plan for victory in competition with other ...

Will Kenton is an expert on the economy and investing laws and regulations. He previously held senior editorial roles at Investopedia and Kapitall Wire and holds a MA in Economics from The New School ...