It involves analyzing competitors, identifying their strengths and weaknesses, and devising strategies to capitalize on opportunities and reduce threats. Competitive Strategy: Competitive strategy is a plan of action that companies use to gain an edge over their competitors.It involves analyzing the current environment, identifying strategic goals and objectives, and determining the best way to meet them. Corporate Strategy: Corporate strategy is a plan of action that defines how a company will reach its goals and objectives.It involves analyzing the current market and competitors, creating a strategic vision, and setting objectives and goals. Business Strategy: A business strategy focuses on developing a long-term plan of action to achieve a company’s goals, such as increasing profits or market share.This step helps ensure that the organization is on track to reach its goals. This involves measuring the results of the strategies and making changes as and when needed. Evaluation: The final step of strategic management is to evaluate and assess the effectiveness of the strategies that have been implemented.The first step here is to communicate the strategy and plan of action to all levels of management. Implement Strategy: Once the strategies have been formulated, the next step is to implement & execute them.Resources here include employees, money, or machinery – essentially all the assets the business owns. Creating strategy: This step is the most important – it involves coming up with the actual strategy on how to allocate the business’s resources in the most efficient way.This strategic analysis helps understands the internal (strengths and weaknesses) and external (opportunities and threats) factors that are likely to either contribute or prevent business growth. SWOT Analysis: SWOT stands for Strengths, Weaknesses, Opportunities and Threats.Whether this is overall profitability or one particular acquisition, it is imperative to be clear on this goal right from the beginning.
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