The paper "Strategic Management: Creating Competitive Advantages" is a great example of an assignment on management. Strategic management is a need of every organization especially when a company wants a competitive edge over its competitor in this globalized business environment. Contemporary organizations use strategic management as a tool, which is used to deal with various challenges of a competitive environment and it is also very effective for improving the performance. Similarly, it helps in setting and evaluating short term and long term objectives and goals. In other words, strategic management is a process through which an organization makes strategies of its mission, vision, goals, and objective that is used to specify directions, proceeding planning, and evaluating performance.
In addition, strategic management provides a detailed framework to understand management practices and applications. With the help of strategic management, an organization can set appropriate targets to achieve objectives. Likewise, organizations also identify potential advantages and threats during the process of strategy formulation and evaluation. Moreover, strategic management is very useful approach for contemporary organizations because it draws a “ Big picture” of the company’ s policies, objectives, goals, and performance. In addition, contemporary organizations are facing various challenges especially challenges related to the competitive environment.
The competitive environment has made it difficult for contemporary organizations to maintain a high success graph without recognizing the need for changing requirements of business and adopting a plan to tackle those changes and strategic management is the only approach to tackle the issues related to the competitive environment. Correspondingly, the performance and success of contemporary organizations totally depend upon the proper implementation of strategic management. Thus, this paper describes how contemporary organizations are using strategic management and its theories to achieve success by giving different examples of various contemporary organizations.
Moreover, this paper also identifies different areas of strategic management that are considered to be critical to the strategic success of the contemporary organization.
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