This blog article attempts to describe the complex transition phase of the old and weak 3-state strategic change model in terms of two elements of the new and strong strategic management model: strategy formulation and implementation: w… Read More
In general, all firms have a desire to grow, and, for that reason, they use various growth strategies as they perceive to expand their firm’s activities. Growth can be achieved in several dimensions of corporate strategy: growth in sales, … Read More
According to the punctuated equilibrium model, organizations evolve through relatively long periods of equilibrium (stability), which then get disrupted by shorter periods of instability to accommodate more fundamental revolutio… Read More
Just as project management is necessary to successfully manage new product development (NPD) efforts, strategic management is an indispensable tool to manage innovation. Strategic management can hold the reins of innovation to give i… Read More
The fundamental purpose of strategic management is to keep the firm in tune (strategic fit) with its unstable, unpredictable, and competitive business environment. Any form of change in the firm’s external environment, including tech… Read More
Why do companies engage in innovation? The main reason for this is companies in search of competitive advantage cause them to invest in innovation. However, the answer to this question also depends on how these companies are strategicall… Read More
Historically, startups and small business firms have been most successful in creating innovation in contrast to established firms. However, innovation by itself does not differentiate between small and large firms, and any company, t… Read More
The external environment of emerging and technology-based industries will tend to be more uncertain as the world moves further into the twenty-first century. Any changes in an innovation firm’s external environment that are driven by t… Read More
The primary purpose of a strategic management system is to maximize the overall performance of the firm. However, a survey of Fortune 500 companies revealed that poor implementation has been the primary cause of strategic failures. Over … Read More
One of the issues a firm’s corporate directional strategy faces is about deciding its orientation towards growth. When a firm chooses to grow internally, innovation becomes the key driver to achieve that growth. Growth-oriented compan… Read More