1. In current market conditions, companies need to gain and then maintain a competitive edge over their competitors. They do this by employing a compelling and dynamic strategic management process to create a strategy that helps them achieve their goals before one of their competitors does. What factors make up this process? How important is it to change, and what criteria determine the changes in a strategic management plan?
2. Differentiate between I/O and Resource-Based models of Above-Average Returns. Which is a more successful model? Which model will you use to help shape your strategic management plan and why?
3. Describe the twenty-first century competitive landscape and the various challenges it brings to businesses. Why will a traditional mindset not lead a company to strategic competitiveness and what values must managers adopt to overcome these challenges?
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1. Strategic Management is the process which involves the identification and description of the strategies. All these strategies are carried by the managers in order to achieve the better performance and competitive advantage for the organization. Strategic management includes the different decisions that managers take in order to achieve the efficient performance of the company. It has been analyzed that there are different factors that have been helpful in developing the strategic management process (Klier, 2009). Strategic management process of the company includes the mission statement, objectives and strategy formulation. Strategic management process basically includes four elements such as environmental scanning, strategy formulation, strategy implementation and strategy evaluation.
All these factors are helpful in developing the strategic management process in an effective manner. Changes in all these factors affect the strategic management of the organizations. According to changes in government policies, organizations have to make changes in its strategies and policies. It is important for the organizations to make changes timely in its strategic management program. It is necessary in order to sustain in the competitive market environment. Sometimes, competitors also imitate the strategies and produce substitute products with better quality to the customers (Hitt, Ireland & Hoskisson, 2010). Therefore, companies have to make changes in strategic management in order to give tough ...
The expert analyzes the effectiveness of strategic management.