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The Principle of Strategic Management

   

Added on  2021-04-21

12 Pages2645 Words70 Views
Running head: STRATEGIC MANAGEMENT Strategic ManagementName of the StudentName of the UniversityAuthor note
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1STRATEGIC MANAGEMENTAbstract The main target of the corporate must require attempting the different strategies in order toaccomplish the different goals as to gain competitive advantage in an effective manner. Thesignificant kind of ranges in the orinciple of strategic management is core competencies alongwith capabilities and the correlation of the same in the enterprise. Furthermore, the CEO needs toillustrate and consume different concepts in process of strategic management as to sustain anddevelop competitive spot of company. The essay helped in analyzing significant ranges that willhelp in guiding corporate for effectiveness in the long run.
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2STRATEGIC MANAGEMENTIntroduction The assignment helps in analyzing the different concepts of the strategic capabilities,competitive advantage and the core competencies that are used in different organizations. Themain motive of the different kind of businesses is to adopt different kind of unique kind ofcapabilities in such a manner that they acquire competitive advantage, as this will help them inpersisting along with succeeding in the current market area. There are different terms such ascapability and competency that can be used in different organizations. The identification anddescription of such concepts is a dynamic aspect in the theory of strategic management. The main aim and purpose of the report is to identify the different concepts related tostrategic capabilities, competitive advantage and core competencies. The differences of suchconcepts will be correlated and evaluated in an effective manner. The VRIO model will bediscussed in relation to a case study based on Grab Services that is one of the competitors ofUber. The essay will help in implementing and analyzing the different strategies concepts alongwith the analysis of the theories used by the managers and CEOs of the organizations insustaining a competitive position in an effective manner. Concepts and defining differentiations and correlations Strategic Management is defined as the sustaining and increasing the competitiveadvantage for the different corporate firms. The different capabilities of the organization areconverted into the source of competitive advantage and the different core competencies of thefirm in an effective manner. The strategic capabilities are defined as the set of different skills thatare complex in nature along with different techniques and processes that helps in permitting to
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3STRATEGIC MANAGEMENTmaintain such kind of events along with the performances of the employees (Bromiley et al.,2015). The practical knowledge and organizational capabilities are the different fundamentalkind of factors that are estimated in the form of the globalization along with organizationaloutcomes and innovation. These kind of unique appearances help in growth of organizations thatwill help in contributing towards the future growth of the organizations and these help in actingas the instruments for evaluating the competition between different kinds of firms in the market(Mooney, 2001). The different strategic core competencies help in creating successful implementationalong with providing guide in different kind of methods for gaining the superior approach. Itincludes the authorizing the different corporate in redistributing the profits to achieve thepurposes that is categorized in nature. The proper and continuous development in differententries and income streams help in achieving the different purposes and help in continuousdevelopment to generate resources in an effectual manner. There are different kinds of organizations such as Apple wherein the potentiality ofdesigning their different mobile devices help them in attracting huge number of individuals in themarket (Mooney, 2001). The quick delivery offered by Zara and Netflix help them in meetingthe requirements of the customers in an effective manner. Furthermore, it has been seen that theconcept of competitive advantage, the company needs to choose a prime location as to becomeeffective in nature. The strategic competitiveness has been derived from different concerns thatare strategic in nature that includes uniqueness of the brand, scope of the corporate along withtheir performances, different kind of beneficial approaches towards the different consumers(Frynas & Mellahi, 2015).
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