Strategic Management and the Role Its Role in Sustaining Competitive Advantage

Topic Define strategic counsel and explain its various patterns. address how a team of managers pile utilize strategic management to gain sustainable competitive advantage Strategic management is the subterfuge and science of formulating, implementing and evaluating cross-functional decisions that enable and organization to achieve its objective. (David, 2010) In gear up to create avenues for new and different opportunities managers within an organization moldiness first determine the direction that they would like the firm to take, the concoct buy which they give specify there and the tools that will be employed to achieve this goal. Considering that businesses operate within the realm of bound resources, it is essential for a firm to ascertain their options and establish the ones that will yield the greatest returns ,strategic management facilitates this decision making process. (David, 2010) Strategic management is a process which involves phases; these include the formulation phase, execution of instrument phase and the final, evaluation phase. The first step in dodge formulation is for the company to define its vision and misson.This is one of the near important steps as there must be consensus among the executives on what the firm wants to become.

knowing the direction the firm is qualifying and how it will get there is critical to the future victor of the organization. Once the vision and mission are determined, the company can then create objectives and formulate strategies. (David, 2010) Now the firm must objectively weight the opportunities and threats present in the external trade and match them with the organisations areas of perceived strengths and weaknesses in order the make decisions closely the best use of their resources among all the available alternatives. The second phase of strategic management implements the plan of action that has been formulated, this is the most strong part of the process. At this execution stage of the process, everyone... If you want to get a full essay, order it on our website: Ordercustompaper.com

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