How the following become the challenges in strategic management: 

• Strategy. Having a great strategy leads to the success of the business, thus, if a business fails to consider a good strategy, it will either affect its operations or will completely force it to shut down as low profitability does not contribute to wealth. 

• Customer satisfaction. As customers do have different needs and preferences, it will be difficult to satisfy as well as provide the specific things that they need. Moreover, their tastes on the products change along with the trends and thus, the business must keep up with the changing markets in order to achieve its success and reach beyond the expectations of the customers.

• Above return on investments. This is one of the basis to consider if the business is doing well or not. It means that the higher profitability of the business, the higher the demand for its products, in a nutshell it is the lifeblood of its business. With the flow of money, the business is able to sustain its needs in the operation as well as the expenses and can provide incentives for its employees. However, for some businesses, its demand for its products continuously decreases as due to ever changing markets as well as customers preferences which causes it to receive decreased monetary funds. 

• Achieving desired competencies. With the emergence of various businesses, it can be difficult for some to sustain the needs of its operation as it is risky to build a business. Especially during this time of pandemic, resources in human, physical, financial and technological are difficult for some businesses to obtain. Moreover, with the increase in competition in different markets, it will be difficult to meet the target sales and given that some do not have a competitive advantage on their products. 

• Research and development of new products & services. It is rare to see products who don't have similarities as businesses based their production on the trends as well as the preferences of the consumers. However, even though competition leads to difficulties for some businesses, on a positive note, healthy competition pressures businesses to innovate as well as keep up with the continuously changing condition of the markets. New products give a variety of options for the customers and thus can contribute to profitability of the business.