Our orders are delivered strictly on time without delay 
What are benefits of strategic management for market competition? develop a discussion of these benefits alongside a local/ international example of a company.
Sample Answer
Title: The Benefits of Strategic Management for Market Competition
Introduction
In today’s rapidly changing business environment, strategic management plays a crucial role in the success and sustainability of companies. By formulating and implementing effective strategies, organizations can gain a competitive advantage in the market. This essay will explore the benefits of strategic management for market competition, along with a discussion of these benefits through the example of a local/international company.
Thesis Statement
Strategic management provides companies with a roadmap for achieving their goals, enhancing their competitive position, and adapting to dynamic market conditions, thereby contributing to their long-term success and growth in the face of intense market competition.
Benefits of Strategic Management for Market Competition
1. Setting Clear Goals and Objectives
Strategic management helps companies set clear goals and objectives aligned with their mission and vision. By defining specific targets, organizations can focus their resources and efforts on activities that drive competitiveness and innovation.
2. Competitive Advantage
Through strategic management, companies can identify their unique selling propositions and strengths compared to competitors. This allows them to differentiate their products or services in the market, attracting customers and creating a competitive advantage.
3. Adaptation to Market Changes
Strategic management involves continuous monitoring of the external environment and market trends. By staying agile and responsive to changes, companies can adjust their strategies swiftly, seize opportunities, and mitigate threats posed by competitors.
4. Resource Allocation
Effective strategic management helps in optimizing resource allocation by prioritizing investments in areas that offer the highest returns. This ensures that companies utilize their resources efficiently to maximize profitability and competitiveness.
Example: Apple Inc.
One prominent example of a company that has leveraged strategic management for market competition is Apple Inc. The tech giant has consistently outperformed its competitors by focusing on innovation, customer experience, and brand loyalty.
Innovation
Apple’s commitment to innovation, exemplified by the launch of groundbreaking products like the iPhone, iPad, and MacBook, has allowed the company to stay ahead in a highly competitive market. By anticipating consumer needs and trends, Apple has maintained its position as a market leader.
Customer Experience
Apple’s strategic management prioritizes enhancing customer experience through user-friendly interfaces, seamless integration of hardware and software, and exceptional customer service. This focus on customer satisfaction has helped Apple build a loyal customer base and differentiate itself from rivals.
Brand Loyalty
Through strategic branding initiatives and marketing campaigns, Apple has cultivated a strong brand identity synonymous with quality, design, and innovation. This brand loyalty has enabled Apple to command premium pricing for its products and maintain a competitive edge in the market.
Conclusion
In conclusion, strategic management is essential for companies seeking to thrive in competitive markets. By setting clear goals, gaining a competitive advantage, adapting to market changes, and optimizing resource allocation, organizations can position themselves for long-term success. The example of Apple Inc. demonstrates how strategic management practices can drive innovation, enhance customer experience, and build brand loyalty to outperform competitors. Embracing strategic management principles is crucial for companies looking to navigate the complexities of market competition and achieve sustainable growth.
