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 […]
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 the forces of technology, economics, and other influences impede the ability of strategic managers to make strategic decisions to keep […]
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 time, portfolio management has gradually entered the strategic management system to become an essential part of it to […]
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 companies incorporate some kind of technology to generate innovation, and through innovation, they create a competitive advantage. Therefore, innovation provides a […]
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 […]
Strategic management has long been used successfully by large organizations to manage uncertainties and for better positioning to generate long-term growth and profitability. Due to the current and predicted environmental uncertainties, the practice of strategic management will become a need for small and medium-sized enterprises (SMEs) to keep them in equilibrium with their external environments […]
The concept of competitive advantage is embedded in the key components of the strategic management process. Strategic management is about gaining and sustaining a competitive advantage. From environmental scanning to vision statement to strategy formulation (strategic planning) and implementation—all these components have been successfully used to develop a competitive advantage. Business leaders make strategic decisions […]
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