Objectives Of A Strategic Management Process

960 WordsFeb 15, 20164 Pages
The 21st century business environment has become more competitive, organizations have to develop and implement the right strategy to survive. Rapid advance in technology and globalization have brought about both opportunities and challenges to all organization. The ability to survive the intense competition, gain competitive advantage and remain competitive depends on choosing and implementing the right strategy at the right time. The mission statement of an organization is also imperative in choosing the appropriate strategy. Conducting a strategic management process and implementing the strategy is a significant step towards achieving a competitive advantage. Identifying the internal, external strength and weaknesses of an organization is equally important. Applying the necessary tools to determine the resources and capabilities available to an organization that can generate competitive advantage is critical to the continued existence of an organization. Value, Rarity, Imitation and Organization (VRIO) framework are tools developed to analyze the internal resources and capabilities of an organization. The internal strength of an organization is a significant asset in gaining competitive advantage over the competitors. Every organization, for profit or non-profit primary purpose is to accomplish the mission and vision of the organization. Soda Stream is a for profit oriented organization, its main purpose is to generate profit by providing soda drinks maker machine, gas
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