ESSAY.

Discuss and explain briefly the following in 2-3 paragraphs and maximum of
100 words. No copy and paste from the websites. (10 points each)

1. Why is strategic management important to the entrepreneur to run his/her

business to have advantage to his/her competitors?

By developing a company's purpose, vision, and goals and directing decision-making

towards strategic objectives, strategic management enables entrepreneurs. In-depth
evaluations of competitors' strengths and weaknesses, as well as market trends, help
identify opportunities and reduce risks. Allocating resources effectively fosters
innovation and agility to stay ahead in the ever-changing market by ensuring that
resources are in line with strategic goals and competitive status.

In order to protect a company's interests from technological upheavals, market

instability, and regulatory changes, strategic management also include risk
management. This involves identifying, evaluating, and mitigating various risks. All
things considered, strategic management gives business owners the means to
negotiate ambiguities and seize chances for long-term, profitable company expansion.

2. As we all know Japan products are very good in terms of quality. Your small
business is a distributor of Japan products in the Philippines. How can you use
the Cost Leadership strategy in selling your products?

In order to distribute Japanese goods in the Philippines using a Cost Leadership

approach, efficient supply chain management is essential. Expenses are reduced by
streamlining the procurement process and securing advantageous logistical
arrangements. Savings are maximized by economies of scale resulting from expanded
market reach and bulk purchases.

Productivity is further increased by lean operations. Price-conscious customers are

drawn in by competitive pricing without sacrificing profit margins. Uniqueness of the
product highlights excellence. Strategic partnerships give access to exclusive products
and chances for cost savings. Competitive advantage is maintained by ongoing cost
monitoring and improvement. By using these tactics, Japanese products may be
distributed to small enterprises in the Philippines at a reasonable cost without sacrificing
quality or profitability.