Homework answers / question archive / Topic: Strategic Management Due: 9/19/2021 Length of Assignment: 400-600 words plus references Main Question: Strategic Management is defined as the process in establishing goals, formulating plans, implementing plans, and evaluating plans to achieve and maintain competitive advantage

Topic: Strategic Management Due: 9/19/2021 Length of Assignment: 400-600 words plus references Main Question: Strategic Management is defined as the process in establishing goals, formulating plans, implementing plans, and evaluating plans to achieve and maintain competitive advantage

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Topic: Strategic Management Due: 9/19/2021 Length of Assignment: 400-600 words plus references Main Question: Strategic Management is defined as the process in establishing goals, formulating plans, implementing plans, and evaluating plans to achieve and maintain competitive advantage. There are four steps to the strategic management process that we will review in the class: 1. 2. 3. 4. Environmental scanning Strategy formulation Strategy implementation Evaluation and control As a business leader you will be challenged with strategic decisions to ensure your organization achieves and maintains competitive advantage. Review the following video by Michael Porter on Competitive Advantage (the first 40 seconds are most important) and respond to the following questions, make sure you engage with your classmates as you evaluate their answers? • • • • Develop an explanation of competitive advantage? Argue for or against the following statement “Nonprofit organizations should not seek to achieve competitive advantage?” Support your answer. Support your decision on whether federal government agencies should seek competitive advantage In addition to addressing all requirements of the assignments, a model answer should include the following: • • • • • Understand the importance of competitive advantage as a choice for the consumers in that industry. Nonprofits can seek competitive advantage in getting donor dollars and individual financial support. Nonprofit organizations can also try to work with industries for profile support in which they compete with other nonprofits. The government competes as well because they compete with private industries for staff, they compete with private organizations when for good and services (i.e. post office, education, insurance options, etc.). Professors' expectations include: o Incorporate innovation capabilities of organizations into your response o Incorporate organizational performance into your response Additional Resources: • Varma, A., Bhalotia, K., & Gambhir, K. (2020). Innovating for competitive advantage: Managerial risktaking ability counterbalances management controls. Journal of Management and Governance, 24(2), 389409.