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
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
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 bo… Read More
Firms spend an enormous amount of time, money, and effort in financial forecasting to make strategic decisions that determine their long-run financial performance. In practice, spreadsheet-based financial models are used to forecas… Read More
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 kno… Read More
Strategy implementation is the most difficult part of the strategy. Hrebiniak states that “Making strategy work-executing or implementing it through the organization is even more difficult. Without effective implementation, no bus… Read More