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
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
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
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 als… Read More
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 uncertai… Read More
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 profi… Read More
During an economic boom, when the market demand exceeds the industry capacity, it is easier for firms to grow, remain profitable and create value. There is not much of a need to understand what a competitive advantage is and where and how val… Read More