EXPLAIN THE RELATIONSHIP BETWEEN STRATEGIC MANAGEMENT AND COMPETI...

121) Explain the relationship between strategic management and competitive advantage for firms. How can a firm achieve sustained competitive advantage? Answer: Strategic management is all about gaining and maintaining competitive advantage. Competitive advantage is anything a firm does especially well compared to rival firms. When a firm can do something that rival firms cannot do, or owns something that rival firms desire, that can represent a competitive advantage. Getting and keeping competitive advantage is essential for long-term success of an organization. A firm must strive to achieve sustained competitive advantage by