Strategic Management and Competitiveness

Strategic Management and Competitiveness

Strategic Flexibility

This is a set of capabilities firms use to respond to the existing demands and opportunities in a dynamic competitive environment (Hitt et al., 2016). Strategical flexibility is achieved by continuous learning, which provides new and updated skill sets. Our assignment writing help is at affordable prices to students of all academic levels and disciplines.

Vision and Mission

A firm drafts a mission and vision statement to guide its strategy selection process. An analysis of the prevailing internal and external environment then guides the firm in implementing the identified strategy.

Strategic Management Process

This comprises a set of steps and commitments a firm takes to achieve strategic competitiveness. To achieve strategic competitiveness, a firm must analyze its mission and vision, then formulate and implement strategies to achieve its desired performance level.

Perpetual Innovation

This is a description of how old information-intensive technologies are rapidly and consistently replaced by new ones. The rapid diffusion of technology results in a short product life cycle, and this creates a competitive environment as firms are required to quickly introduce newer and innovative products.

Competitive Advantage

These are factors allowing a firm to produce products better and cheaply compared to its rivals in the marketplace—such factors the firm to generate relatively superior margins or more sales.

Strategic Leaders

Firms need strategic leaders located at various levels and areas within the firm using the process of strategic management to select the strategic actions needed to help achieve its vision and fulfill its mission. Strategic leaders are decisive and committed to the success of the firm.

Organizational Culture

These are a set of ideologies shared within a firm and influence how business is conducted. A firm’s organizational culture is a very important aspect of management as it can drive or derail organizational success.

Strategic Competitiveness

This is achieved when firms develop and implement a strategy that creates value. Above-average returns can provide the foundation needed to satisfy every stakeholder simultaneously.

Core Competencies

These are the capabilities needed to serve as a firm’s source of competitive advantage. It involves the capacity to perform a task in an integrative way.

Hyper competition

Hyper competition is an excessive kind of competition that creates integral instability and demands constant disruptive change for organizations. It results from the changing aspects of strategic maneuvering.

References

Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2016). Strategic management: Concepts and cases: Competitiveness and globalization. Cengage Learning.

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Strategic Management and Competitiveness

This week the readings/videos focused on the topic of strategic management and strategic competitiveness. For

Strategic Management and Competitiveness

this assignment, I would like for you to reflect on the literature and identify 10 key points that you took away from the assignments. For each of the key points you are to identify the point and provide 2-3 sentences explaining the point. Please number each of the 10 points.

Attached is chapter 1 of the textbook you will be using for this assignment. Any questions please email me.

Suggested video: https://www.youtube.com/watch?v=Fjo1TPe5isw