Convincing Features
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Strategic Management is all about the identification and description of the strategies that managers can carry so as to achieve better performance and a competitive advantage for their organization. An organization is said to have a competitive advantage if its profitability is higher than the average profitability for all companies in its industry.
Strategic management can also be defined as a bundle of decisions and acts that a manager undertakes, and which decides the result of the firm’s performance. The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to make the right decisions.
Strategic management involves formulation and implementation of the major goals and initiatives taken by a company’s top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. Strategic management is a continuous process. There are three stages in this process: strategy formulation, strategy implementation, and evaluation and control.
