What is strategic management?

Question 1

Corporate strategy

Answer 1

a long-term plan of action for the whole organisation, designed to achieve a particular goal.

Question 2

Tactic

Answer 2

short-term policy or decision aimed at resolving a particular problem or meeting a specific part of the overall strategy.

Question 3

Strategic management

Answer 3

the role of management when setting long-term goals and implementing cross-functional decisions that should enable a business to reach these goals

Question 4

Competitive advantage

Answer 4

a superiority gained by a business when it can provide the same value product/ service as competitors but at a lower price, or can charge higher prices by providing greater value through differentiation.