Question: Explaining the Strategic Management Process and how a Corporation can use this Process to Achieve Strategic Competitiveness
The strategic management process refers to a complete set of decisions, obligations, and actions needed for a corporation to attain strategic competitiveness and receive above-average returns (Hitt, Ireland & Hoskisson, 2014). The relevant strategic inputs resulting from analyzes of external and internal environments are essential for effective formulation and implementation of the strategy. In turn, effectual strategic actions are a precondition for the realization of the desired outcomes of strategic competitiveness and above-average returns. Accordingly, the strategic management process is utilized to match the ever-changing market conditions and competitive structure with the corporation’s constantly evolving capabilities, core competencies, and ...