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Chapter 1- Strategic management, creating competitive advantage

Strategic management consists of the analysis, decisions and actions of an organisation in order to create and sustain competitive advantage.

2 main elements of strategy
i.ongoing process of analysis, decisions and actions
ii.to study why some firms outperform others.

Michael Porter argues that sustainable competitive advantage cannot be achieved through operational effectiveness alone.

4 key attributes of strategic management
i.direction toward overall organisational goals and objectives - "organisational versus individual rationality"
ii.management includes multiple stakeholders in decision making
iii.management requires incorporating both short term and long term perspectives - "creative tension"
iv.management involves the recognition of trade off's between effectiveness and efficiency - "doing the right thing" versus "doing things right".

Henry Mintzberg- in his view, the business environment......

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Approximate Word Count: 1722
Approximate Pages: 7 (250 words per double-spaced page)

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