Strategic theories are frameworks that help organizations plan and execute their long-term goals. These theories provide insights into how businesses can gain a competitive advantage, allocate resources effectively, and respond to market changes. Common strategic theories include Porter's Five Forces, which analyzes industry competition, and SWOT analysis, which assesses strengths, weaknesses, opportunities, and threats. These theories guide decision-making processes and help leaders understand the external and internal factors that influence their strategies. By applying these concepts, organizations can develop actionable plans that align with their vision and adapt to evolving market conditions, ultimately enhancing their chances of success.