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Understanding Strategic Managment

In: Business and Management

Submitted By ladybug789
Words 252
Pages 2
Understand the importance of strategic management to a small business.
2 Explain why and how a small business must create a competitive advantage in the market.
3 Develop a strategic plan for a business using the 10 steps in the strategic planning process.
4 Understand the Entrepreneurial Strategy Matrix and how to apply it.
5 Discuss the characteristics of three basic strategies: low-cost, differentiation, and focus.
6 Understand the importance of controls such as the balanced scorecard in the planning process.

Few activities in the life of a business are as vital—or as overlooked—as that of developing a strategy for success. Too often, entrepreneurs brimming with optimism and enthusiasm launch businesses destined for failure because their founders never stop to define a workable strategy that sets them apart from their competition. Because they tend to be people of action, entrepreneurs often find the process of developing a strategy dull and unnecessary. Their tendency is to start a business, try several approaches, and see what works. However, entrepreneurs without a cohesive plan of action have as much chance of building a successful business as a defense contractor without blueprints has of building a jet fighter. Companies lacking clear strategies may achieve some success in the shortrun, but as soon as competitive conditions stiffen or an unanticipated threat arises, they usually "hit the wall" and fold. Without a basis for differentiating itself from a pack of similar competitors, the best a company can hope for is mediocrity in the...

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