Hello everyone,

How do we compete, and$/$or what strategic management and strategic planning can we use. Well, according to the reading I read on how to position the company, how to attract customers, how to compete against rivals, how to achieve the company's performance target, how to capitalize on opportunities, and how to respond to changing economic and market conditions. $($

The difference between strategic management and strategic planning is that Strategic management and day$-$to$-$day management are two distinct tasks. Strategic management is critical for executing strategies for day$-$to$-$day operations inside a business. On the other hand, day$-$to$-$day management activities include routine operational tasks. Some examples of strategic management include resource allocation, and planning, and decision making. Strategic management requires understanding of the economy, strategic management, strategy execution, competitive strategies, and managerial economics. Also, the organization and management must guarantee that strategic plans are flexible enough to be changed to change while ongoing analysis is carried out. The strategic management is concerned with all efforts that are necessary to guarantee that the firm maintains a competitive advantage in the industry.