Group Essay: Group 6
Define the following using your own words and collective understanding of the following
STRATEGIC MANAGEMENT
COMPETETIVE ADVANTAGE
MISSION & VISION
Strategic Management consists of two words which is strategy and management. Strategy refers to a
plan that is created to achieve a specific goal while management refers to the performance of a group of
individuals on how they coordinate, organize, and plan to achieve a certain goal. Put together, strategic
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management defines the setting of goals in a company, then creating a plan on how to reach those goals
and finally organizing a businesses’ resources to maximize opportunities. Strategic Management is way
of using the businesses’ competitive advantage to give them a position in the market.
In simple words, competitive advantage is a trait, product, or any factors that are better than the
competitors. A trait, product, or factor that rivals do not have. Competitive advantage refers to the
products or services that your business offers that are ahead in all forms, such as having a better price,
better quality, and overall better characteristics. Ways to achieve competitive advantage is to
continuously innovate your product and assure that it is diverse and can stand the test of time. An
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example of this is the brand Apple, they continuously bring out new iPhones every year with new
specifications.
Competitive advantage also means outperforming your competition in the market and identifying your
competitor’s strengths and weaknesses in order to create or offer something that is new and different
and much better.
Vision is like a motto, because it is both a short sentence that states their ideals. Vision is a statement
that indicates a businesses’ future goals, aspirations, and what they aim to be. With a vision statement, a
business can formulate a mission statement. A mission statement is like a guideline for the business, it
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indicates what their business is, what their objectives are, and how they will act in the market or industry
with a plan for sustainability and diversity. It is where all managers and employees should adhere in the
implementation for the business to be successful.