Strategic management - Research Paper Example

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The economic environment is rapidly changing and economists characterize this economical change as globalization, changing investors and customers’ demands, and resulting in an increase in productivity-market competition. In order for business organizations to be able to…
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Strategic management
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Download file to see previous pages a continuous process that controls and evaluates the business organization and the industries, which it involves, makes competition assessment and sets strategies and goals to enable it meet all potential and existing competitors. The business organization, then reassesses each employed strategy quarterly and annually (regularly) to evaluate its implementation to determine whether it is successful or they are need of replacement with a new strategy, which will meet charged circumstances, new economic environment, new technology, new competitors, and new financial, social, or political environment (Adair 50). Attaining a competitive advantage and enhancing business performance relative to its competitors are the core objectives of a business organization. This paper purports to discuss how strategic management can affect business organization.
Strategic management depends on the size of the business organization and its environment’s proclivity to change. This means that a global transnational business organization needs to employ more structured strategic management approach, due to the large size, operations’ scope, and encompass views and requirements of its stakeholders. Most of major management theories emphasize that private business organizations can exercise choice of strategy (Adair 52). The manner and way in which they face strategic issues may affect the overall development and growth of the business. Additionally, strategic management must address fundamental aspects such infrastructure constraints, resource base, appropriate technology level, and input of raw materials.
In terms of strategic planning functions, one can define it as an action employed by a business organization to achieve a superior performance in order to maximize its profits. Strategic planning is a part of strategic management, which assists a business organization to be able to determine the actions and decisions that are extremely important than others (Bryson 70). This ...Download file to see next pagesRead More
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