Reference no: EM131438306

The ultimate goal of effective strategic management is to achieve and maintain a competitive advantage. According to Professor Stanley Abraham, “strategic management is nothing less than steering and managing a company to be successful over time – not just for the next quarter or year, but for the long term.” (2012, Sec. 1.1, p.2) We have spent time in understanding the fundamentals of strategic management: formulation, implementation and evaluation. Although not a guarantee for success, strategic management allows organizations to make effective long-term decisions, to execute those decisions efficiently, and to take corrective actions as needed to ensure success. (David, 2005, p.328) As you think over the learnings of the past 7 weeks and goal of achieving and maintaining a competitive advantage, you must also think about effective decision making, which is critical to an organization’s success. In your opinion, what is the single major benefit of using a strategic management approach to decision making? There is really no right or wrong answer, however, please support and justify your answer by using APA formatted references. References Abraham, S. (2012). Strategic management for organizations. San Diego, CA: Bridgepoint Education. David, F.R. (2005). Strategic management: Concepts and cases.(10th ed.). Upper Saddle River, NJ: Pearson/Prentice Hall