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Assessment in "Principles and Functions of Management" Question 3: What do you understand by "strategic management"? Comment on the critical stages of analysis, choice and implementation. Use examples from your experience or the press to illustrate your answer. What is Strategic Management? Well, the better question would be why some firms perform so much better than others. The answer, in great part, is in their strategies. Strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages. It gives the organization a sense of its objectives and a sense of how it will achieve these objectives. For Michael Porter, one of the leading strategy gurus, strategy is about achieving competitive advantage through being different. This means offering buyers a unique value, to increase their number and keep them as customers. For example, Southwest Airlines, and Ikea have developed unique, internally consistent, and difficult to imitate...

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