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 technological change, is a problem for established firms because these firms find difficulties in coping with it. The reason for this is […]
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 strategically oriented. Not all strategic types of firms engage in innovation, but there are two general types known […]
Integrate the digital technology tools into your business strategy and operations in a way to make it difficult for competitors to copy the advantages you create. Digital Strategy In part one “The Nature of Business Strategy,” from the book “The Boston Consulting Group ON Strategy,” the authors describe strategy as “It is probably the business […]
James Brian Quinn, in his book Intelligent Enterprises, describes the term “intellect” as it “is the core resource in producing and delivering services.” 1 A powerful intellect is a strength and by combining strengths a firm can build knowledge-based capabilities that can drive sustainable competitive advantage. The dictionary meaning of “intellect” is the power or […]
Every firm, small or large, pursues a formal or informal business strategy to compete and become successful in the marketplace. Some become very successful, and others go out of business. However, to become successful, a company must also have an effective functional strategy. Both strategies are essential for generating competitive advantage and superior performance. Through […]
The terms strategic planning (strategy formulation) and strategic management are synonymous and interchangeably used in the business world; however, both have different meanings. Strategic management encompasses strategic planning-in other words, strategic planning is a subset of strategic management. Strategic management evolved from strategic planning. Fundamentally, strategic planning incorporates environmental scanning and strategy formulation whereas strategic […]
The firm’s ability to accurately establish and measure shareholder value (SHV) is crucial for assessing financial performance and moving the firm toward established objectives. Among other strategic objectives, such as profitability, efficiency, market share, and growth, shareholder value is the most important measure to evaluate a corporation’s long-run financial performance. The discounted cash flow (DCF) […]
We also provide strategy and management consulting services in the following local areas in the State of Florida: Apopka | Casselberry | Eustis | Jacksonville | Kissimmee | Lake Mary | Longwood | Maitland | Melbourne | Mount Dora | Ocoee | Orlando | Oviedo | Palm Bay | Pine Hills | Sanford | Saint Petersburg | Tampa | Winter Park | Winter Springs and our offering includes: business strategy consulting | management consulting | business management consulting and small business consulting.