To cope with today’s uncertain, turbulent, and unpredictable business environment, strategic flexibility (SF) has surfaced as an indispensable capability and a measure of success that firms should possess to generate and sustain competitive advantage and achieve superior business performance. Strategic flexibility is considered an important capability for a firm to respond quickly to a turbulent […]
The negative forces of coronavirus (COVID-19) temporarily disrupted normal business activities and paralyzed the forces of market-the demand and supply that made the market economies freeze. The lockdown stagnated the revenues and profits suddenly turned into losses. COVID-19 has caused heavy economic destruction with rapid change in the business environment, resulting in profound shock to […]
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 revolutionary change. These revolutionary periods then attempt to re-stabilize the organization into a new equilibrium period. From this perspective, organizations resist change because resistance to change establishes […]
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 […]