Strategic Management

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toward overall organizational goals and objectives” (Dess, Eisner, Lumpkin 10). That is the company decides how it will compete in order to achieve competitive edge. Second, “strategic management includes multiple stakeholders in decision making” (Dess, Eisner, Lumpkin 11). This means keeping its share holders happy while not alienating other functions of the company such as customer service. Third “management requires incorporating both short-term and long-term perspective” (Dess, Eisner, Lumpkin 11). While trying to achieve its’ long-term goals the company also has to remember to accomplish the short term ones too. Fourth, it “involves the recognition of trade-offs between effectiveness and efficiency” (Dess, Eisner, Lumpkin 11). Managers must have a balance between effectiveness and efficiency to achieve overall objectives.

Developing a strategic plan is crucial to creating a competitive advantage; it is the factor that sets a company apart from its ...

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