Strategic Management crucially define and determine the long term performance of a business entity. This is with reference to, Nokia, who lost its pace in the smartphone race. As quoted by source: “Nokia has been long the market leader in the mobile phone market and with its enormous reach and huge customer base, had successfully created significant entry barriers for any new player as such. Its Symbian OS being the backbone of the whole success story contributed to a great deal in its higher perceived ease of use. Customers used to enjoy the features, thanks to highly simplified GUI. It ruled the middle and low end market for long. But, Nokia did a blunder and lost its market share.

In the context of above case, define the term strategic management, discuss, what are the three major challenges to strategic management and specifically point out in relation to Nokia among the three challenges, out of these challenges which challenge hit hard to the Business Giant.