Strategic Management and Governance Essay Example | Topics and Well Written Essays - 2500 words

Strategic Management and Governance - Essay Example According to research, the inclusion of sustainable considerations in the process of formulation usually forms the basis of sustainable competitive advantage for most of the firms. In this relation, it is apparent that it is essential to have a sustainability focus during the formulation of strategy. Subsequently, it is important to critically analyze how this process has helped firms to achieve complete sustainable competitive advantage. Besides, this paper will also evaluate the relevance of the sustainable considerations during the formulation of strategy when an economic recession period is being experienced. In strategy formulation, sustainable consideration refers to environmental, social and economic considerations use din strategy formulation. Therefore, there is a great importance that lies in the ability to consolidate various factors that play a certain role in the organization of effective processes and activities within any organization or firm. In the current environment, there are various environmental, social and economic terms that have been developed to refer to the concept of sustainable development. This is in relation to the organization. The most common ones are corporate social responsibility, sustainability and corporate citizenry. The aspect of sustainability is based on one of the simplest principles. It entails the need to put everything that is required for survival and wellbeing independent on the natural environment in either a direct or indirect way. In this sense, with sustainability, human beings and nature are able to create and sustain an environment that produces product harmony. In turn, this environment can permit the fulfillment of the economic and social requirements among other needs of the present and future generations. Sustainability is a crucial element in the process of corporate management where environmental, financial and social performance in the effort to achieve competitive