Learning Outcome 1: The Strategic Management Process

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What is strategic management?

Strategic Management is are choices that companies make that is aimed at how they intend to accomplish
success.

Objective:

 Provides direction for a company

 Builds an understanding of changing trends
 Promotes change management initiatives
 Monitors performance to ensure firms are profitable

What is competitive advantage?

Competitive advantage is an attribute held by one company that allows it to a superior offering to that of
its competitors.

Objective:

 Places a company in a good position to be successful

 Makes one company superior to another
 Strengthens a company’s strategy

Strategic Vs Operational Planning

Strategic Operational
Concerned with the company’s position in the industry Concerned with specific divisions
Focuses on making the firm offerings unique and Not focused on being unique and can
superior to its competitors be easily copied
Affects long-term processes/ repositioning of the firm Affects short-term processes/ day-to
day operations
Focuses on sustained financial impacts Focuses on short-term financial
impacts

Difference between a company’s vision and mission?

A company’s vision describes what the organization intends to become in the future and how it will reach
those goals while a mission statement specifically describes what a company does and the market being
targeted.
 Strategic Management

LO 1 – Strategic Management Process

Names: Rashid Rahim, Torrigay Morris, Shinu Varghese, Lady Bejar Sanchez De Portocarrero

Institution: Saskatvhewan Polytechnic, Moose Jaw Campus

Instructor: Graeme Wood

Date: January 24, 2023