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    Strategic Management and Competition Between Firms

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    Please answer the following questions:

    1. Define strategic management in your own words for a general audience. Imagine you were trying to explain what strategic management is to one of your family members who is a junior in high school

    2. Does the competition between various companies affect your daily life in any way? Give an example that might apply. For example, consider how you recently chose between two products or services offered by different companies. What factors made you choose one over the other? How do different companies compete?

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    Solution Preview

    1. Strategic management is a set of actions that will help organizations to achieve their long term goals. Examples of such actions may include drafting, implementing and evaluating decisions. Some strategies may include corporate strategies (a broad, long term strategy for the firm), functional strategies (specific mid-term strategies such as marketing plans, product ...

    Solution Summary

    The solution defines strategic management and discusses how competition between various companies might affect one's life.