Globalization, liberalization, privatization and corporatization have created such a 'war-game' in the economic field that it cannot be encountered by traditional management techniques. Planning and managing of business activities has been done keeping in view the profit, cost and production requirements of the traditional management practices. New environmental challenges and opportunities included by the growing role of multinational corporations and the cut-throat competition among corporations to increase market share, have forced managers of think and act' strategically. Strategic management focuses on establishing consistency between organizational strengths/weaknesses and opportunities/threats along with profit production and effectiveness, Its essence motivates managers to see the future along with the present to adopt strategy accordingly, to adjust continuously with its environment, to re-engineer all business processes according to internet and e-commerce and to follow the best possible practices. The concept of strategic management has rapidly gain popularity in the businesses would in the last two decades.

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KEYWORDS:  Globalization, Liberalization, Privatization, Corporatization, 'War-Game.