What are the key concepts of strategic management and competitive advantage?
Understand the Problem
The question relates to strategic management and competitive advantage concepts in business, focusing on the definitions, dynamics, and implications of various factors such as hypercompetition, globalization, and technology.
Answer
Strategic management involves strategy formulation, implementation, and evaluation to create and sustain competitive advantage.
Strategic management involves the formulation and implementation of strategies to achieve above-average returns by gaining competitive advantage through unique value creation that is difficult for competitors to replicate.
Answer for screen readers
Strategic management involves the formulation and implementation of strategies to achieve above-average returns by gaining competitive advantage through unique value creation that is difficult for competitors to replicate.
More Information
Key concepts in strategic management include environmental scanning, strategy formulation, strategy implementation, and strategy evaluation. Competitive advantage is achieved through unique value creation that is difficult for competitors to replicate.
Tips
Common mistakes include neglecting the continuous evaluation of strategies and focusing solely on formulation. Both formulation and implementation are crucial, and ongoing assessment ensures strategies remain effective.
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