2014). With the increasing competitiveness of the modern business environment, it is crucial for a company to develop a strong strategy with clear objectives to beat its competitors. Well-developed strategies can help an organization identify business areas that require significant investment and inefficient parts of an entity that need further development (Grant et al. 2014). An organization with little commitment to strategic management may not be able to quickly adapt to the changing business environment and, therefore, companies that implement strategies in their workforce have a competitive advantage over them. For example, the CSR practices outlined above can become part of organizational strategy and increase the legitimacy of the company's actions, attract investment, and increase profitability. It is also important to understand your competitors' strategies while developing your own. When a firm analyzes the strategies of competing firms, it can manage its own strategies and put itself in a responsive position with the ability to control and influence the business environment (Robert 1990). When an entity understands its competitor's strategy, it can adopt its successful elements and adapt its own organizational strategy, making it more effective. Overall, companies that use strategic management tools tend to be stronger competitors in the business arena and make money