Strategic Management And Competitive Advantage Essay

1562 Words Nov 20th, 2014 7 Pages
Traditional and contemporary organisations need to be highly competitive in order to survive in today’s aggressive business world. The dynamic marketing environment requires managers to develop different strategies and apply the most appropriate one for the particular establishment. To create a good strategy managers need to understand the nature of the industry and look at the competition. The process of defining the strategy is so important that many companies are requesting professional strategists to tailor a strategic plan for their business. This plan can be a guide to a well-designed strategic management which can help a company in achieving its objectives. One of which is a competitive advantage which cannot be complete without strong and thorough strategic management. The following paragraphs focus on analysing the influence of the strategic management in achieving competitive advantage.
Since, we are going to discuss strategic management and competitive advantage we have to analyse the fundamental elements – strategy, strategic planning, strategic management and competitive advantage. “Strategy is a rational process of deliberate calculation and analysis, designed to maximize long-term advantages” (Whittington, 2001) . It is significantly important for businesses, as a realistic and specific strategy can keep a company away from failure. Nevertheless managers need to ensure that the strategy is up-to-date with this fast growing and changing market. The key element…

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