Read the pages and make a brief summary of them with your own words, please. Mention important parts. Also, you will put your comments and ideas about the topic. please don't write item by item mavimum esame type of thing often happens to companies that try tooperate outside the realm of their core competencies.improve efficiency and cut costs throughout an organiza-tion's activity-cost chain while simultaneously improving thefeatures of the product or service that differentiate it in themarketplace. Total quality can also improve an organization'schances of becoming a leader in a given market niche.COMPONENTS OF STRATEGICMANAGEMENTStrategic management consists of two interrelated activities:(a) strategic planning and (b) strategic execution. These twoprimary components of strategic management are describedin the following sections.CORE COMPETENCIES ANDCOMPETITIVE ADVANTAGEOne task to be accomplished as part of the strategic plan-ning process is identifying the organization's core competen-cies. This task is generally completed as part of the SWOT(strengths,since an organization's core competencies should be part ofits strengths. A core competency is something an organi-zation does so well that it can be viewed as a competitiveadvantage. A competitive advantage is any aspect of the or-ganization that (1) contributes directly and significantly toincreasing(i.e.,Strategic Planningweaknesses, opportunities, and threats) analysis,- Cost leadership strategies. Strategies in this categoryseek to improve efficiency and control costs throughout anorganization's activity-cost chain (supplier activity costs,in-house activity costs, and distribution activity costs).Strategic planning is the process by which an organizationanswers such questions as the following: Who are we? Whereare we going? How will we get there? What do we hope toaccomplish? What are our strengths and weaknesses? WhatWHAT IS STRATEGICMANAGEMENT?To understand strategic management, one must first under-stand the concept of organizational strategy. Strategies aredefined as follows:businessare the opportunities andStratement? Strategic planning involves developing a written planthat has the following components: an organizational vision3;threats in ourenviron-- Differentiation strategies. Strategies in this categoryseek to add value, as defined by customers, to the organiza-tion's products or services. Such strategies typically involvegaining technological superiority over competitors, con-tinually outperforming competitors in the area of quality,providing more and better support services to customers,and providing customers more value for their money.customer demand by achieving superior valueOrganizational strategies are the approaches adopted byorganizations to ensure successful performance in themarketplace. These approaches are typically set forth in acomprehensive document called the strategic plan.superior quality, cost, and service) and (2) is difficultfor competitors to replicate.An organization's core competencies might be basedits ability to achieve economy of scale, proprietary ac-cess toan organizational mission; guiding principles; broad strate-gic objectives; and specific tactics, projects, and activities forachieving the broad objectives. Specific tactics, projects, andactivities are often referred to as the "action plan."technology,expertise in a given area thatgivenreplicated,cannot beformance from critical processes, market proximity, high-performance corporate culture, research and developmentexpertise, or ability to respond rapidly to market researchor in any other factors that contribute directly and signifi-cantly to the organization's ability to provide superior valueconsistently over time.ability to maintainStrategic management is management that bases allactions, activities, and decisions on what is most likely-withinan ethical framework-to ensure successful performance inthe marketplace. From the strategic manager's perspective,resources are wasted unless they contribute to success in themarketplace, and the more direct the contribution, the better.world-classper-Strategic Execution. Market-niche strategies. Strategies in this category focuson a narrowly defined segment of the market (marketniche) and attempt to make the organization in questionthe market leader in that niche. Leadership can be achievedby adopting cost leadership or differentiation strategies orboth designed to appeal specifically to the target market.Strategic execution involves implementing strategies setstrategic planning, monitoring progress toward theirachievement, and adjusting the plans and strategies as nec-essary. Strategic execution is implementation that achievesforthancy and effectiveness.efficiencyMonitoring involvesimportant that organizations understand their corecompetencies. Too many organizations give in to the temp-tation to pursue business that is outside the realm of theircore competencies rather than finding new marketers fortheir core products and services. This approach typicallyproductivity problems that invariablyundermine the value of the organization's new products ands constantly checking actual perfor-Total quality relates to strategic management in that itenhances an organization's ability to gain a sustainable com-petitive advantage in the marketplace. Handled properly,total quality can be the most effective cost leadership or dif-ferentiation strategy an organization can adopt. This is be-cause the total quality approach is the best way to continuallyCOMPETITIVE STRATEGYmance against performance benchmarks, Strategic monitor-ing answers such questions as these: Are we achieving ourTo survive and thrive in a globally competitive marketplace,organizations must adopt a broad strategy that gives thema sustainable competitive advantage. All such strategies fallinto one or more of the following categories:objectives?nas well as we need to perform? This is theforming asThis isthe effectiveness question. Are we per-s we needis the efficiencyto qualityandquestion. Adjusting as necessary involves making correc-tions when the specific strategies or tactics adopted are notproducing the desired results. Such adjustments can involvea minor tweaking of plans, a search for ways to overcomeunexpected barriers that are encountered, or even the adop-tion of a whole new set of specific strategies.services.Perhaps the best way to understand what happens whenmpanies decide to operate outside the realm of their corecompetencies is to consider a sports analogy. There haveseveral examples in which professional athletes whosecore competencies were in one sport attempted to cross overand play another sport. Two that come immediately to mindare Michaelthe history of the National Basketball Association, and DionJordan, one of the greatest basketball players ina Hall of Fame-caliber defensiveBoth of these gifted athletes left their core competenciesting to basketball and football behind and attempted toback infoothallplay professionalIt was not that these two high-profile athletes were notgood at baseball-they were; but they were just not goodenough to compete with other professionals whose corecompetencies were in baseball. As a result, both had a mea-sure of success playing baseball, but neither had a stellar ca-reer. They simply could not perform in this new "market" atthe world-class level that they could in their core sports. This

Question

Read the pages and make a brief summary of them with your own words, please. Mention important parts. Also, you will put your comments and ideas about the topic. please don't write item by item mavimum esame type of thing often happens to companies that try tooperate outside the realm of their core competencies.improve efficiency and cut costs throughout an organiza-tion's activity-cost chain while simultaneously improving thefeatures of the product or service that differentiate it in themarketplace. Total quality can also improve an organization'schances of becoming a leader in a given market niche.COMPONENTS OF STRATEGICMANAGEMENTStrategic management consists of two interrelated activities:(a) strategic planning and (b) strategic execution. These twoprimary components of strategic management are describedin the following sections.CORE COMPETENCIES ANDCOMPETITIVE ADVANTAGEOne task to be accomplished as part of the strategic plan-ning process is identifying the organization's core competen-cies. This task is generally completed as part of the SWOT(strengths,since an organization's core competencies should be part ofits strengths. A core competency is something an organi-zation does so well that it can be viewed as a competitiveadvantage. A competitive advantage is any aspect of the or-ganization that (1) contributes directly and significantly toincreasing(i.e.,Strategic Planningweaknesses, opportunities, and threats) analysis,- Cost leadership strategies. Strategies in this categoryseek to improve efficiency and control costs throughout anorganization's activity-cost chain (supplier activity costs,in-house activity costs, and distribution activity costs).Strategic planning is the process by which an organizationanswers such questions as the following: Who are we? Whereare we going? How will we get there? What do we hope toaccomplish? What are our strengths and weaknesses? WhatWHAT IS STRATEGICMANAGEMENT?To understand strategic management, one must first under-stand the concept of organizational strategy. Strategies aredefined as follows:businessare the opportunities andStratement? Strategic planning involves developing a written planthat has the following components: an organizational vision3;threats in ourenviron-- Differentiation strategies. Strategies in this categoryseek to add value, as defined by customers, to the organiza-tion's products or services. Such strategies typically involvegaining technological superiority over competitors, con-tinually outperforming competitors in the area of quality,providing more and better support services to customers,and providing customers more value for their money.customer demand by achieving superior valueOrganizational strategies are the approaches adopted byorganizations to ensure successful performance in themarketplace. These approaches are typically set forth in acomprehensive document called the strategic plan.superior quality, cost, and service) and (2) is difficultfor competitors to replicate.An organization's core competencies might be basedits ability to achieve economy of scale, proprietary ac-cess toan organizational mission; guiding principles; broad strate-gic objectives; and specific tactics, projects, and activities forachieving the broad objectives. Specific tactics, projects, andactivities are often referred to as the &#34;action plan.&#34;technology,expertise in a given area thatgivenreplicated,cannot beformance from critical processes, market proximity, high-performance corporate culture, research and developmentexpertise, or ability to respond rapidly to market researchor in any other factors that contribute directly and signifi-cantly to the organization's ability to provide superior valueconsistently over time.ability to maintainStrategic management is management that bases allactions, activities, and decisions on what is most likely-withinan ethical framework-to ensure successful performance inthe marketplace. From the strategic manager's perspective,resources are wasted unless they contribute to success in themarketplace, and the more direct the contribution, the better.world-classper-Strategic Execution. Market-niche strategies. Strategies in this category focuson a narrowly defined segment of the market (marketniche) and attempt to make the organization in questionthe market leader in that niche. Leadership can be achievedby adopting cost leadership or differentiation strategies orboth designed to appeal specifically to the target market.Strategic execution involves implementing strategies setstrategic planning, monitoring progress toward theirachievement, and adjusting the plans and strategies as nec-essary. Strategic execution is implementation that achievesforthancy and effectiveness.efficiencyMonitoring involvesimportant that organizations understand their corecompetencies. Too many organizations give in to the temp-tation to pursue business that is outside the realm of theircore competencies rather than finding new marketers fortheir core products and services. This approach typicallyproductivity problems that invariablyundermine the value of the organization's new products ands constantly checking actual perfor-Total quality relates to strategic management in that itenhances an organization's ability to gain a sustainable com-petitive advantage in the marketplace. Handled properly,total quality can be the most effective cost leadership or dif-ferentiation strategy an organization can adopt. This is be-cause the total quality approach is the best way to continuallyCOMPETITIVE STRATEGYmance against performance benchmarks, Strategic monitor-ing answers such questions as these: Are we achieving ourTo survive and thrive in a globally competitive marketplace,organizations must adopt a broad strategy that gives thema sustainable competitive advantage. All such strategies fallinto one or more of the following categories:objectives?nas well as we need to perform? This is theforming asThis isthe effectiveness question. Are we per-s we needis the efficiencyto qualityandquestion. Adjusting as necessary involves making correc-tions when the specific strategies or tactics adopted are notproducing the desired results. Such adjustments can involvea minor tweaking of plans, a search for ways to overcomeunexpected barriers that are encountered, or even the adop-tion of a whole new set of specific strategies.services.Perhaps the best way to understand what happens whenmpanies decide to operate outside the realm of their corecompetencies is to consider a sports analogy. There haveseveral examples in which professional athletes whosecore competencies were in one sport attempted to cross overand play another sport. Two that come immediately to mindare Michaelthe history of the National Basketball Association, and DionJordan, one of the greatest basketball players ina Hall of Fame-caliber defensiveBoth of these gifted athletes left their core competenciesting to basketball and football behind and attempted toback infoothallplay professionalIt was not that these two high-profile athletes were notgood at baseball-they were; but they were just not goodenough to compete with other professionals whose corecompetencies were in baseball. As a result, both had a mea-sure of success playing baseball, but neither had a stellar ca-reer. They simply could not perform in this new &#34;market&#34; atthe world-class level that they could in their core sports. This

Accepted Answer

Strategic management establishes a path for the organization and its workforce. Effective strategic…