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Strategic management involves setting goals, assessing strategies and ensuring their implementation to accomplish organizational objectives. It defines the company's mission, vision and guiding standards. A competitive advantage makes a company's products and services superior to competitors and differentiates it in the market. It involves analyzing external changes and reacting quicker than rivals to environmental influences. Identifying pitfalls in strategic planning helps address problems and difficulties in achieving goals. Pitfalls guide the development of proper procedures to ensure strategic planning is effective. Strategic management, when done right, can lead to better profits and long-term growth.

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62 views2 pages

TP

Strategic management involves setting goals, assessing strategies and ensuring their implementation to accomplish organizational objectives. It defines the company's mission, vision and guiding standards. A competitive advantage makes a company's products and services superior to competitors and differentiates it in the market. It involves analyzing external changes and reacting quicker than rivals to environmental influences. Identifying pitfalls in strategic planning helps address problems and difficulties in achieving goals. Pitfalls guide the development of proper procedures to ensure strategic planning is effective. Strategic management, when done right, can lead to better profits and long-term growth.

Uploaded by

Acua Rio
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© © All Rights Reserved
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ONG, Matthew Rouwie O.

BSBA MM 3-1D

Assessment (Lesson 1) in Strategic Management

1. Define the terms strategic Management.

Strategic Management It is the planning of the assets of a company to accomplish its


goals and objectives. Strategic management includes setting goals, researching the global
competition, assessing the organizational structure, assessing strategies, and ensuring that the
strategies are implemented throughout the company by management. Strategic management
defined on the basis of a company's mission; its vision about where it decides to be in the long -
term; and the standards that guide its activities. It is known as the application, development, and
preparation system purpose of maintaining or enhance competitive advantage.

2. Elaborate competitive advantage

A Competitive Advantage is what makes the products or services within an organization


superior to all the other preferences of a customer.1 since this concept is normally used for
corporations, in a challenging market, the strategies can be implemented for any entity, country,
or individual It is s a maxim that the improvement and maintenance of business strategy are all
about strategic management. The approach can be described as "anything that a company does
particularly well when opposed to rival companies." Assert that the focus on comparative
analysis as a competitive advantage with industry competitors is all about how to beat the rivals
and maintain quality. In achieving the competitive advantage, the organization should analyze
the external changes; if PEST variables change, many possibilities may appear that could
produce many benefits for a company if seized upon. A business can also generate an initial
advantage over its rivals when it is able to react smoother than other companies to environmental
influences.
3. What is your takeaway on the pitfalls in strategic planning.

Identifying the pitfalls in strategic planning helps the company to encounter problems and
difficulties in initiating the processes necessary for achieving the goals and objectives of the
business. The strategy is about characterizing what the organization will do to accomplish its
objectives. I’ve learned that pitfalls guide the organization in generation action steps since,
without proper procedures followed, the development of such planning would become
inadequate. Amongst many managers, strategic planning has a negative reputation, and for an
excellent purpose. Nevertheless, executed properly, it can influence better earnings and long-
term growth. There are various factors that affect successful strategic management.  I understand
that since it is not possible to overestimate the concept of strategic management in the company.
Consider observing and envisioning the strategic plans comprehensively, businesses should
engage with their teams, deliver them, and evaluate progress consistently. Eventually, what
makes or breaks the company in a competitive development of the environment is an excellent
strategic management process.

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