How do I respond to this in 100 words? Strategic management involved the ongoing process of establishing an organization's mission and objectives, considering both its external surroundings and internal strengths and weaknesses; it includes devising and executing strategies, as well as monitoring and adjusting them to guarantee the achievement of desired goals. Strategic management is very important because it provides organizations with a competitive advantage, assists with the allocation of resources, steers direction and focus, helps align and coordinate organizational members and functions toward a common goal, allows for adaptation to change, and drives performance optimization. Porter's Five Forces Model is a framework developed to analyze and evaluate the competitive forces and the attractiveness of the industry through the identification of five key forces that determine the competitive intensity and profitability of an industry. The five forces are the threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitute product or services, and the intensity of the competitive rivalry. By considering these forces, companies are enabled to identify their dynamics in the industry competitively and make informed strategic decisions to optimize their advantage and profitability. The management or leaders of an organization are often tasked with making informed and strategic decisions to ensure sustainability, profitability, and competitive advantages. This model allows these leaders to analyze their organization and use the results to optimize their competitive advantages and practice continuous improvement, as there is an organizational responsibility to remain profitable for all stakeholders.
How do I respond to this in 100 words?
Strategic management involved the ongoing process of establishing an organization's mission and objectives, considering both its external surroundings and internal strengths and weaknesses; it includes devising and executing strategies, as well as monitoring and adjusting them to guarantee the achievement of desired goals. Strategic management is very important because it provides organizations with a competitive advantage, assists with the allocation of resources, steers direction and focus, helps align and coordinate organizational members and functions toward a common goal, allows for adaptation to change, and drives performance optimization.
Porter's Five Forces Model is a framework developed to analyze and evaluate the competitive forces and the attractiveness of the industry through the identification of five key forces that determine the competitive intensity and profitability of an industry. The five forces are the threat of new entrants, the bargaining power of buyers, the bargaining power of suppliers, the threat of substitute product or services, and the intensity of the competitive rivalry. By considering these forces, companies are enabled to identify their dynamics in the industry competitively and make informed strategic decisions to optimize their advantage and profitability. The management or leaders of an organization are often tasked with making informed and strategic decisions to ensure sustainability, profitability, and competitive advantages. This model allows these leaders to analyze their organization and use the results to optimize their competitive advantages and practice continuous improvement, as there is an organizational responsibility to remain profitable for all stakeholders.
Step by step
Solved in 3 steps
