Knowing your market competitors may help you acquire data and learn about

their products and services, pricing, and positioning so you can compare their

performance to yours. This does not mean you should imitate their plans verbatim;

rather, you should evaluate your competitors' strengths and weaknesses in your market

and execute successful strategies to strengthen your competitive edge. Aside from

profit, this course taught me that the purpose of every business is to grow the value of

the company and achieve a competitive advantage. Strategic management can, thus,

help an organization to gain a competitive advantage, improve its market share, and

formulate a plan and effective decisions for its future.