Business Policy and Strategy (SMUnit 2 of 4)

BBA 4951, Business Policy and Strategy
SMUNIT 2: Strategic management and competitive advantage
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Strategic management relates choosing implementing and evaluating the best strategy for an organization. To increase growth and improve performance, organizations use strategies to gain a competitive edge over their rivals. Competitive advantage is the feature that makes an organization more desirable than rivals. A well thought out strategy is an essential component for the organization’s success and survival, but having a strategy does not guarantee competitive advantage. In essence, the strategies should make a difference through giving organizations a competitive advantage.
An organization needs to use strategic planning in having sustained competitive advantage. Thus, an organization needs to adapt to changes and be flexible through internal strengths, external trends, resources and competencies (David, 2011). Furthermore, the strategy should facilitate the firm to take advantage of competitive advantage in light of the external opp...