COMPARE AND CONTRAST BUSINESS AND MILITARY STRATEGY. ANSWER

130) Compare and contrast business and military strategy. Answer: Business and military strategy are very similar. A key aim of both business and military strategy is "to gain competitive advantage." They both also try to use their own strengths to exploit competitor's weaknesses. Success is not the happy result of accidental strategies in either business or military organizations. The element of surprise provides great competitive advantages in both military and business strategy. Information systems that provide data on opponents' or competitors' strategies and resources are also vitally important. Finally, both business and military organizations must adapt to change and constantly improve to be successful. While business and military strategy are the same in many ways, they have one major difference—business strategy is formulated, implemented and evaluated with an assumption of competition, whereas military strategy is based on an assumption of conflict. Diff: 2 Objective: 1.07 Discuss the relevance of Sun Tzu's The Art of War to strategic management. Learning Outcome: Define strategic management and identify its basic concepts