Which of the following is the primary objective of strategic managementAnswer areaMaximizing profitEnduring employee satisfactionMinimising costAchieving competition advantage
Question
Which of the following is the primary objective of strategic managementAnswer areaMaximizing profitEnduring employee satisfactionMinimising costAchieving competition advantage
Solution
The primary objective of strategic management is Achieving competition advantage.
Strategic management is all about identifying and describing the strategies that managers can carry to achieve better performance and a competitive advantage for their organization. An organization is said to have a competitive advantage if its profitability is higher than the average profitability for all companies in its industry.
While maximizing profit, ensuring employee satisfaction, and minimizing cost are all important aspects of managing a business, they are not the primary focus of strategic management. These are more operational and tactical in nature. The strategic management process is about positioning the company for long-term growth and success.
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