Business strategic management Essay Example | Topics and Well Written Essays - 500 words

Business strategic management - Essay Example 4). They were so focused about directly creating revenues and profits and there was little understanding on how to generate competitive advantage in particular. In years were competition is becoming fierce in the global business, competitive advantage is a must. A company should aim to be a cut above the other. It is in this reason that strategic planning is necessary. Corporate strategies are needed. In the midst of tough competition, companies could not afford to drop their chances to move in the right direction. Thus, businesses are able to grasp once again the importance of strategic management. They are once again trying to sort out their business by cows, dogs, stars and question marks. However, this seems to be classical in nature. The strategic management comes back with substantial interaction with customers and suppliers. In other words, the saturated focus on production approach just to be able to achieve higher revenues and profits was gone.