This final paper discusses strategic management, its importance for achieving and maintaining the competitive advantage of businesses, the strategic management process, and fundamental strategic issues, situational analysis, and tools that help make better strategic decisions. Each of the tools is theoretically explained and later, on the example of company Ortostep ltd. Osijek situational analysis of the company is made. It showed that important strategic decisions could be and should be made on the basis of it. The emphasis of the situational analysis of Ortostep was to analyse the possibility of exporting to the Finnish market. In order to obtain the necessary information at all, a comprehensive analysis of Finland and the Finnish market, as well as of potential buyers, competitors, distributors, laws, regulations was first carried out. The general environment was first analysed using PESTEL analysis, then, using Porter's competitive force model, the industry (business environment) was analysed. Resources of the company were analysed using VRIO analysis. Finally, a SWOT analysis is made, which represents a summary analysis of the external and internal environment of the company at the same time. Based on each of these analyses, certain conclusions were drawn, which formed the basis for the decision to enter the Finnish market. The paper gives a good insight that the theoretical tools are practice related, and that they are certainly used in the work and strategic management of the company, and thus make the job easier for managers, because using these tools can identify potential problems on time and prepare the company for elimination of these problems.