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What is Strategic Management?

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 the companies compete?

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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.

Strategic Management (SM) is the process of determining how an organization should proceed within the marketplace. Every organization must have a strategy in position if they desire to maintain a competitive advantage in the corporate infrastructure. SM is a formulation of process development techniques that provide a basis for conscious strategic thinking and effective decision making practices. SM integrates the initial framework of an organizations vision, mission, values, goals, objectives, roles and responsibilities.

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 ...

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