Overall purpose of strategic management is to gain competitive advantage over competitors. Strategic management can be the key to delivering a stable bottom line in a marketplace where workplaces are constantly being disrupted by technology innovation. Creating a strategic vision necessitates knowledge of global trends, the competitive landscape, and stakeholder expectations.
Company executives who understand their own company's products or services as well as what their big competitors will do next can forecast and make timely business actions. It also means that they can plan for future possibilities and hazards. Strategic decisions and strategic management can help organizations improve their long-term competitive position.
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