Strategy and Strategic Management

AMIRULLAH, AMIRULLAH (2015) Strategy and Strategic Management. In: MANAGEMENT. John Wiley & Sons Canada, Ltd, Canada, pp. 176-214. ISBN 978-1-119-34795-8

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Abstract

Strategic management is a key process in determining the long-term direction of an organization in order to survive and excel in a competitive environment. This chapter discusses the concept of competitive advantage, strategy formulation at various levels of the organization, to strategic implementation and leadership. In addition, the SWOT analysis model, Porter's five forces, and the BCG Matrix are also discussed as strategic decision-making tools. The strategic approach is not only relevant to large organizations, but also at the individual level and small business units. With the right strategy, resources can be optimized, risks can be minimized, and market opportunities can be utilized effectively. Visionary leadership and good governance practices are the foundation for successful strategy implementation. keywords: Strategic management, competitive advantage, strategy formulation, strategy implementation, SWOT analysis, strategic leadership

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