Question

1. Why, in strategic management, is it important to study our competitors, particularly their weaknesses?

Answer 1

The way of doing business has changed a lot today and that is because the level of competition both in terms of quantity and quality is very high and therefore in order to sustain and succeed, Organizations need to be effective in their approach. Strategic management of organizations today focus primarily on the approach, a business organization needs to adopt in order to ensure that it achieves a competitive advantage by standing out in the crowd.

The strategy will work for the organization only when the organization is aware of it's competitors and their weaknesses. The organization needs to conduct a SWOT analysis to understand the position of the organization and the way it needs to act in order to be successful.