Currently, strategic management is one of the most prominent and relevant areas in the management field. It constitutes a set of management actions that enable company managers to keep it aligned with its environment and on the correct path of development, thereby bringing about the achievement of its objectives and its mission. Despite its importance, Boyd et al. demonstrate that strategic management has many attributes of a still immature field of study, with little consensus and low levels of productivity. This result furthermore explains the reason there are several definitions for the same concept. According to Ansoff and McDonnell [xxxx], strategic management constitutes a systematic approach to the management of changes, comprising: positioning the organization through strategy and planning, real time strategic response through the management of problems, and the systematic management of resistance during strategy implementation. On the other hand, Porth [xxxx] believes that strategic management is definable as a cross-process of formulation, implementation and evaluation of the decisions that enable organizations to define and achieve their mission and ultimately to create value. More generally, strategic management is a broad term that includes determining the mission and objective of the organization in the context of its external and internal environments. (Source: Wagner et al., 2014)
(a) Explain THREE (3) the necessity for a construction company to implement strategic management toward success in future business.
(b) Relate the current situation caused by the pandemic of Covid-19 with the challenges that need to be undertaken by the construction companies in undertaking the strategic management process. Highlight FOUR (4) the challenges only.