How to Attain Distinctive Competitive Advantage
How would companies use the Strategic Management Process to attain distinctive competitive advantage over their competitors?
Strategic management process is a process which companies use to plan for either short-term or long-term goals. It consists of three components – strategic analysis, strategic choice and strategic implementation. (Albert 2012, 1) It is also a tool which is used by management to make decisions for companies to have competitive advantage over their competitors. Strategic management is a continuous process which companies use to achieve more market shares to encounter all present and future competitions. (Management study guide 2012)
If use as business’s strategy, it will be a guide way for the company to influences their staff’s decisions, priorities and ways of working. It is believed that everyone in the company would like to work in a meaningful environment when they know why they are doing. Sometimes management may set their business’s strategy that they may have missed out unforeseen circumstances which require the contribution from their staffs’ commitment, engagement, productivity and creativity. Management needs to relate their strategy plan to their staffs to let them know the important of achieving their goals together is important. This will boost the self-confidence and increases self-awareness of their individual staffs towards company strategies. These are the two important qualities which require by company. (Jeremy 2009, 4) Strategy planning can also be used in everyone’s life as simple and as efficient as possible as anyone whom wishes to achieve their goals. (Richard 2009, 10)
Strategic analysis is the key component to be started before any strategy management process can be processed. During strategic analysis stage, the company needs to look into resources which they have. They need to concentrate on their resources which help the company to be focused on essential steps in order for them to achieve their strategic
Strategic management process is a process which companies use to plan for either short-term or long-term goals. It consists of three components – strategic analysis, strategic choice and strategic implementation. (Albert 2012, 1) It is also a tool which is used by management to make decisions for companies to have competitive advantage over their competitors. Strategic management is a continuous process which companies use to achieve more market shares to encounter all present and future competitions. (Management study guide 2012)
If use as business’s strategy, it will be a guide way for the company to influences their staff’s decisions, priorities and ways of working. It is believed that everyone in the company would like to work in a meaningful environment when they know why they are doing. Sometimes management may set their business’s strategy that they may have missed out unforeseen circumstances which require the contribution from their staffs’ commitment, engagement, productivity and creativity. Management needs to relate their strategy plan to their staffs to let them know the important of achieving their goals together is important. This will boost the self-confidence and increases self-awareness of their individual staffs towards company strategies. These are the two important qualities which require by company. (Jeremy 2009, 4) Strategy planning can also be used in everyone’s life as simple and as efficient as possible as anyone whom wishes to achieve their goals. (Richard 2009, 10)
Strategic analysis is the key component to be started before any strategy management process can be processed. During strategic analysis stage, the company needs to look into resources which they have. They need to concentrate on their resources which help the company to be focused on essential steps in order for them to achieve their strategic