However, according to Wooffitt (2006: 23), strategic management is a process that involves the management of strategic paths and combinations of objectives that define organizational objectives and paths which lead to these objectives. As illustrated by Finlay (2000:18) in the formal definitions of 1.8 (5), the recipe for strategic management includes: strategy, policies and plans, objectives, pathways and strategies. On the other hand, there are factors such as the increasing use of technology in business and globalization that in many ways are reminiscent of old ways of doing business. Additionally, these phenomena have changed the way organizations create value and communicate.