This research looks into BUS499 strategic management and strategic competitiveness in business. Strategic management is the planning, monitoring, analysis, and assessment of necessities of an organization for them to meet its goals and objectives. Consequently, the ongoing changes in a business environment call of the organization to constantly assess and review their strategies for success. Strategic competitiveness on the other hand involves the successful integration of value-creating strategies. This is as a result of adopting a holistic approach that includes financial strategy, business strategy, marketing strategy, technology strategy, and investor strategy.
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STAGES OF BUS499 STRATEGIC MANAGEMENT PROCESS
BUS499 strategic management process involves five major steps. Firstly, clarifying the vision. This step involves defining both short term and long term objective and the process of accomplishment. Secondly, gathering and analysis of information. This stage involves gathering information that is relevant in achieving the vision. Besides, the analysis focuses on understanding the needs of the business. Thirdly, formulation of a strategy. This stage involves reviewing the information gained and developing alternative approaches to reach the target. This brings about strategic competitiveness in business. Fourthly, implementation of the strategy, therefore, making clear the responsibilities and duties of each member on reaching the goal. Lastly, evaluation and control to assess the performance of the new strategy.
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TIPS FOR STRATEGIC COMPETITIVENESS IN BUSINESS
Strategic competitiveness in business is achieved using several tips. Firstly, cost leadership whereby a business manages to offer the same products as other businesses but at a lower price. Contrastingly, for this strategy to work, a business should produce their products at a low cost as well. The second element is differentiation. This is where a business looks for attributes that separate it from its competitors hence bringing an added advantage. Thirdly, the defensive strategy whereby the business keeps the advantages it attained for the competitors. This requires BUS499 strategic management for this to work. Lastly, strategic alliance with other businesses in the industry to avoid a collision
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