In current market conditions, companies need to gain and then maintain a competitive edge over their competitors. They do this by employing a compelling and dynamic strategic management process to create a strategy that helps them achieve their goals before one of their competitors does.

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Discuss the following questions in relation to strategic management:

• What factors make up this process?
• How important is it to change, and what criteria determine the changes in a strategic management plan?

Discuss the following questions in relation to strategic competitiveness:

• How would you describe the twenty-first century competitive landscape and the various challenges it brings to businesses?
• Why will a traditional mindset not lead a company to strategic competitiveness and what values must managers adopt to overcome these challenges?

Such companies also measure performance in terms of the degree and the speed of growth.

Discuss the following questions in relation to above-average returns:

• What are the differences between industrial organization (I/O) and resource-based models of above-average returns?
• Which is a more successful model?
• Which model will you use to help shape your strategic management plan and why?

Applying your understanding of strategic management, answer the following questions:

• How can business-level and corporate-level strategies be best used to gain a competitive advantage and earn above-average returns? Explain.
• What are the advantages and disadvantages of competitive rivalry?
• How can a company use competitive rivalry to its advantage? Provide examples.
• Under what conditions would you choose a single or dominant business corporate-level strategy versus a more diversified strategy and why? Discuss.

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