Strategic Management, Ch. 1: The Nature of Strategic Management

Strategic Management, Ch. 1: The Nature of Strategic Management
Question 1
How important do you think an effective strategic plan is to the success of a company?
Question 2
In your opinion, what is the single major benefit of using a strategic-management approach to decision making? Justify your answer.
Question 3
Strategic management refers to "the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive
advantages" (Dess, Lumpkin, Einser, & McNamara, 2014). The first step, analysis, is how an organization assesses their goals and the
internal/external environment. The second step, decisions, is when leaders of that organization must make decisions based on those analyses.
The third step, action, is the action that leaders take based upon these decisions. Do you leverage strategic management in your current role?
Question 4
The idea of strategic management is to make the decisions that help a firm keep its competitive edge. Our readings do a great job of providing
examples of how a company can go from the bottom to the top or sink based on their strategic management policies. The chapter discusses what
strategy is, as well as analysis and decision making and talks about the other side of strategic planning which is checking up on the
competition.
What are the best ways to be sure your firm doesn't make drastic mistakes in strategic management?
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