The concepts of strategy and strategic management have evolved over the years and are the outcome of searching for more effective solutions that could meet the emerging functional challenges of enterprises and non-profit organizations. As a result, many different schools and approaches to formulating strategies have been established. They indicate various factors that make strategic management successful, such as: setting long-term goals, selecting programs and plans for goal implementation (planning school); connecting the enterprise with the environment (environmental school); focusing on competitive advantage and achieved results (positioning school), relying on own resources and competences (resource school), seizing opportunities and creating innovation (school of simple rules); choosing the best option and orientation in business management (school of real options); and taking eclectic approaches that integrate all these theories (Ronda-Pupo & Guerras-Martin, 2012).