Discussion:
The ultimate goal of effective strategic management is to achieve and maintain a competitive advantage. According to Professor Stanley Abraham, "strategic management is nothing less than steering and managing a company to be successful over time - not just for the next quarter or year, but for the long term." We have spent time in understanding the fundamentals of strategic management: formulation, implementation and evaluation. Although not a guarantee for success, strategic management allows organizations to make effective long-term decisions, to execute those decisions efficiently, and to take corrective actions as needed to ensure success. As you think over the learnings of the past 7 weeks and goal of achieving and maintaining a competitive advantage, you must also think about effective decision making, which is critical to an organization's success. In your opinion, what is the single major benefit of using a strategic management approach to decision making?
References Abraham, S. (2012). Strategic management for organizations. San Diego, CA: Bridgepoint Education. David, F.R. (2005). Strategic management: Concepts and cases.(10th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall