Strategic management has been shown to improve company profits and market share. Companies must use strategic management to improve their performance and organization. Some of the advantages of strategic management are that it brings new opportunities and developments, the manager is more involved in his professional role, the quality of the company is improved, the implementation of models that will bring growth and profits to the he business, it helps the manager to be organized for their success, it brings certainty to the business and provides management with a guide on what the business needs to achieve with its goals for the future. According to Nmadu (2007), “strategic management has become more important to managers in recent years and defining the mission of their organization in specific terms has made it easier for managers to give their organization a purpose” (Dauda, ​​​​Akingbade, and Akinlabi, 2010, p.100). Strategic management can also have its drawbacks. Some disadvantages are the time and effort spent on the business and the discussion of what is important to the long-term goals of the business. Another disadvantage is that managers stay at the planning stage but forget to implement and take control of the plan. If strategic management is not applied, it can have effects on market shares and profitability of companies. Applying a strategic plan will play a major role in businesses