Strategy Management and Formulation

Apr 22nd, 2015
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Strategic management consists of analysis, decisions, and actions that an organisation or business undertakes to come up and maintain competitive advantages. According to Dess et al (2005), it involves the three ongoing processes which are analysis, decisions, and actions. Strategic management is concerned with analysing strategic goals along with analysis of internal and external environments of an organization. The essence of strategic management is to evaluate why some firms perform better than others. Management thus needs to determine the way their firm is to compete so it can have advantages that can be sustained over an extended period over their competitors.

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STRATEGY MANAGEMENT AND FORMULATIONBy (Name) Course ProfessorUniversityNameIntroductionStrategic management consists of analysis, decisions, and actions that an organisation or business undertakes to come up and maintain competitive advantages. According to Dess et al (2005), it involves the three ongoing processes which are analysis, decisions, and actions. Strategic management is concerned with analysing strategic goals along with analysis of internal and external environments of an organisation. The essence of strategic management is to evaluate why some firms perform better than others. Management thus needs to determine the way their firm is to compete so it can have advantages that can be sustained over an extended period over their competitors. There are two fundamental questions asked by the strategic management. The first question is how can our organisation create a competitive edge in the market? The second question is how our group can create competitive advantages in the market that are unique, valuable and difficult for our competitors to copy and reproduce? In strategic management, you need to know where to position your enterprise. Whether in low-cost producer with low market prices, in the development of a product with unique features and charge premium prices or even balance between low-cost productions with unique features. Ideas that are not unique are reproduced by competitors no matter how progressive they are, diminishing your organ

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