Competitive Advantages

Running Head : STRATEGIC MANAGEMENT - COMPETITIVE ADVANTAGE

Strategic Management - Competitive Advantage

Strategic Management - Competitive advantage

Strategic Management can be defined as the choices that the management of the organization makes while trying to accomplish the long term purposes of the organization . Strategy basically comes under the same explanation and Business Model is a framework of the organization 's strategy which depicts how the organization aims to obtain profits from its current strategy , business processes and activities (Singh , 2008 Following are the six major steps of strategic management which are essential for

any organization Highlighting and identifying all the current strategies , objectives and goals Studying the external environment of the organization for opportunities and threats Identifying the organizational resources , the strengths and the weaknesses Selecting an appropriate strategy for the organization according to the analysis conducted above Implementation of the selected strategy in light of the 4 core functions of management , i .e . leading , controlling , planning and organizing Finally the control process and continuous improvement through an effective feedback system

SWOT analysis help in analyzing the organization 's strengths weaknesses , opportunities and threats . The organization has three different levels of strategies for the three different levels of the organization . First is the Corporate Strategy which covers the top level of the organization and can also be termed as the fundamental strategy This includes where the organization wants to be and what they want to do with that business , how they plan to grow and expand or continue in the same way . An...