SOLUTION: Gujarat University Strategic Management Business Paper
SOLUTION: Gujarat University Strategic Management Business Paper.
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Running head: STRATEGIC MANAGEMENT RESEARCH
Strategic Management
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The role of strategy in a firm’s quest for competitive advantage.
Overview.
In the current world, we see a busy and dynamic business environment. All the domains
of business change several times in a decade. Businesses that understand the changes around
them make fast and informed decisions. The decisions made are very critical in helping the
company to remain competitive. For a company to stay competitive, organisations need to have a
management team that always comes up with a strategy that addresses arising issues. A strategy
is a contingency plan, usually from the administrative level, geared to finding solutions or a
course of action in case of a predicament. A system should guide how the company resources
should be utilised to make the company achieve its goals.
The main objective of strategic management is consolidating an organisation’s resources
and using these resources to attain a competitive lead over your opponents. In the business realm,
the business strategy addresses the question: “How shall we compete in this business?” Strategic
management is a dynamic area that always needs performance monitoring and readjusting the
way of doing things to achieve the preset goals. Several studies have been done on the
frameworks that assist organisations in the area of decision making while facing complicated
situations in competitive environments. There is a difference between strategic management and
operational management (Barbosa, 2020).
Operational management mainly focuses on increasing the organisation’s efficiency while
keeping an eye on the resources allocated to the company by the strategy team. On the other
hand, strategic management outlines the paths an organisation should follow to achieve a
competitive advantage. When a company is gaining more profit than other companies in the
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same kind of business, it is said to have a better competitive advantage. This is contributed by
the management team’s knowledge and analysis of the organisation’s competitive environment to
make decisions best suited for the organisation.
Strategic management is a constant procedure that analyses and manages the trade and
the productions in which the organisations are concerned. The strategic management team
continuously checks on the competitors and comes up with goals and strategies to make the
company more competitive in the market. SWOT analysis is one of the standard business
analysis methods used to guide a company is planning its future while realising its strengths,
weaknesses, opportunities and threats. Strategic management applies to both large companies
and startups. It is all about a company getting prepared for both predictable and unpredictable
challenges that may arise while the company is trying to attain a sustainable competitive
advantage.
Strategic management comprises two significant areas; thinking and planning. Planning
is just developing the mechanisms or procedures of doing things and listing them down. It can
also be referred to as the mechanisms used to implement a strategic plan. Strategic thinking
involves thinking of ways to remain competitive. Strategic management mainly involves two
major processes: the formation of the strategy and the implementation of the system. For the
management to be complete, the two processes must be involved (Ansoff, 2018). Strategic
management is a critical area in every organisation since it determines whether the company will
remain to be competitive or it will close its doors.
Purpose of Research
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This paper presents the job of procedure in a company’s journey for the upper hand as a
significant business the board idea. It characterises the system and clarifies the critical concepts
in essential administration; vital vision, targets, detailing, technique execution, assessment, and
making remedial activity. The examination additionally centres around the corporate
administration part of acute administration, how the supervisory group can utilise a methodology
to accomplish an upper hand over the different firms (Bulturbayevich, 2021). This multitude of
angles is examined with a plan to feature their significance in business associations’ powerful
and proficient administration. In a business climate that is dynamic and profoundly cutthroat,
business associations need to see the value in the significance of making and carrying out
techniques that can assist them with accomplishing a feasible upper hand.
Businesses nowadays have become unpredictable. Competition is stiffer than before; to
some extent, technology has contributed to globalisation, leading to the emergence of new
markets and growing customer expectations. Due to the reasons stated above, businesses in the
recent past have been forced to develop strategic thinking and use strategic planning more in
their day-to-day activities. In the current decade, many companies main aim is to develop
business strategies and techniques that will help the industry compete better (Durmaz, 2016).
These strategies guide the company to remain competitive even when the environment of the
business’s changes. With a long-term vision and goals for the company are set, it is easier for the
company to manoeuvre the rapidly changing business world.
A strategy can be described as a preparation method that addresses issues in the
competitive environment to realise organisational goals and competitive gain advantage. Strategy
forms a clear and long-termed solution that businesses use in a competitive environment. The
implementation of strategic management relies on the plan that is outlined the methods and
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tactics stated in the plan. They all determine how effective and efficient the management process
will be. Therefore, strategic problems of an organisation should be part of strategic decisions that
should be discussed in the strategic management meetings.
A business without a strategy is a…
SOLUTION: Gujarat University Strategic Management Business Paper