Page 4 - Introduction to strategic management
P. 4
1- Explain What is Strategic Management
Hence, strategic management is a bundle of decisions and
plans which an organization takes to become successful and
improve their overall performance.
To make an organization successful the management should
have a thorough knowledge and analysis of the general and
competitive environment of the organization.
Let us learn about strategic management in detail.
Strategic Management can be defined as a bundle of
decisions and acts which a manager undertakes and which
decides the result of the firm’s performance.
Strategic Management is all about identification and
description of the strategies that managers can undertake
so as to achieve better performance and a competitive
advantage for their organization.
An organization is said to have competitive advantage if its
profitability is higher than the average profitability for all
companies in its industry.
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