![]() ![]() It also entails the evaluation, allocation, and exploitation of available resources to achieve specified business objectives. The strategic management model deals with the planning, analyzing, and assessing different factors and inputs critical for production. ![]() Almost all companies, academics, nonprofit organizations, etc., incorporate strategic planning and management to gain a competitive advantage Competitive Advantage Competitive advantage refers to an advantage availed by a company that has remained successful in outdoing its competitors belonging to the same industry by designing and implementing effective strategies that allow the same in offering quality goods or services, quoting reasonable prices to its customers, maximizing the wealth of its stakeholders and so on and as a result of which the company can make more profits, build a positive brand reputation, make more sales, maximize return on assets, etc. ![]() Crucial steps in between include strategy evaluation, resources allocation, competition analysis, and internal structure assessment. It then develops strategies (prescriptive model) and puts them into practice (descriptive model). The management sets goals on behalf of business shareholders. Formulating and implementing strategies allow a company to proceed with its action plan. It also includes a review of internal processes and external factors impacting the business. Strategic management in a business refers to the planning, management, utilization of resources to define and achieve objectives efficiently. ![]()
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