Globalization has become the inevitable happening throughout the world. It refers to increasing global connectivity, integration and interdependence in the economic, social, technological, cultural, political, and ecological spheres. The world of business is changing fast. In the new millennium, business corporations will have to deal with entirely new challenges to meet the global competition. Competitiveness is achieved when a firm develops and exploits its core competence. Strategic management process shows how organisations can achieve this by providing a unique set of strategic tools for sustainable competitive advantage. Attaining such an advantage results in the earnings that far exceed the normal situation for the investor.