MGT599 strategic management is essential in any business for gaining a competitive advantage. Moreover, it involves the identification and description of strategies that managers can use to achieve better performance in an organization. A company with a competitive advantage has higher profitability than the average profitability of the other companies in the industry. Additionally, a manager should have thorough knowledge and analysis of the general and competitive organizational environment to make the right decisions. Furthermore, analyzing the strengths, weaknesses, opportunities, and threats is crucial in any organization. Also, strategic management applies to both large and small companies because even small companies face competition.
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THE PURPOSE OF MGT599 STRATEGIC MANAGEMENT
Essentially, MGT599 strategic management helps to keep the goals of an organization achievable through a clear and dynamic process for formulating steps and implementation. Additionally, it is an important factor that helps a company in gaining a competitive advantage. Moreover, it gives a company an advantage over the competition because its proactive nature enables the company to be aware of the changing market. This ensures that the company stands out in a competitive organizational environment. Also, strategic management leads to more efficient organizational performance which leads to sustainable growth.
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WAYS OF GAINING A COMPETITIVE ADVANTAGE
Primarily, gaining a competitive advantage is not an easy task for many businesses. A company needs to establish a unique value proposition to create a competitive advantage. Furthermore, a much more special, unique, and competitive statement than that of the competition enables an organization to stand out in the competitive organizational environment. Additionally, the organization needs to clarify its strengths and competencies. It should have MGT599 strategic management that guides it to use its strengths in innovative and creative ways to create a market advantage.
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