Strategic Management : Strategic And Innovation Within A Business Or Industry

1346 WordsJan 31, 20176 Pages
Defining Strategic Management The definition of strategic management continues to transform over time which coincides directly with the unremitting modernization of business. Strategic management is understood as the implementation of a strategy statement to establish competitive advantage and innovation within a business or industry. There is no concise, comprehensive definition of strategic management, but there are common themes that assist in understanding strategic management today. Effective strategic management is implemented from top management; when management demonstrates a clear knowledge of their strategy statement, their subordinates are much more efficient in accomplishing their objectives. Strategic management can be…show more content…
Coca-Cola has been atop the soft drink market since 1898 when it became a multinational corporation. Since its inception, Coca-Cola has also been instrumental in strategic management; in 1899 Benjamin Thomas and John Whitehead launched a bottling franchise that created over 1,000 bottling machines within 20 years (Williams, Kevan, and Amason, 2010). Coca-Cola continued to develop their slogan, launch new beverages, and open overseas bottling plants to guide expansion. Each of these developments was a direct result of strategic management. Coca-Cola continued to evolve as consumer needs developed; they acquired companies that offered healthier alternatives to soda such as Odwalla and Mad River Traders. Southwest Airlines and Coca-Cola exemplify the careful strategic management qualities that propel them towards a higher market share. It is imperative for students, researchers, and investors to identify the strategies that high-performing companies adopt to apply like-minded strategies or tactics to other industries or businesses. Southwest Airlines and Coca-Cola demonstrate the need for perpetual strategic management. “Strategy unifies the various functions of a firm under a common purpose, blending together in the case of Coke a

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