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Strategic Management is meant to ensure a business has a competitive edge over its
competitors. Leadership plays a significant role in determining whether a business would
have a competitive advantage or not. For an organization to gain a competitive edge through
strategic management, the leader must be proactive, have the ability to define strategies
continually, be aware of the company’s external opportunities and threats and have a perfect
understanding of the organization’s resources and capabilities. Strategic management in an
organization entails analysis of the business’s strategic goals, analysis of the business’
internal and external environment, formulation of decisions in the organization and
implementation of strategy, which include allocation of resources and the design of the
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