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Essay from the year 2008 in the subject Business economics - Business Management, Corporate Governance, grade: 3.3, Kenya Methodist University, language: English, abstract: This academic paper provides a well-detailed diagnosis, forces and steps by which strategic management gives a competitive edge to the practicing organizations. Strategic management as a subject has therefore been simplified in this paper, to make it easy for a business-related student to understand the essence of strategic management in business organizations. Strategic management is a broad subject which has been summarized in the area of competition, so as to give important and realistic collection of concepts, ideas and theories which are applicable in various organizations.