For the past two decades, many technology-based companies have achieved extraordinary growth rates internally through innovation. Before this period, growing internally through innovation had limitations, and firms had to depend o… Read More
The 21st-century business environment has become even more turbulent and uncertain, and therefore unpredictable. Every firm deals with uncertainty in its lifecycle. Uncertainty impedes management’s ability to make strategi… Read More
The primary purpose of strategic management is to maximize the firm’s performance in the long-run. In financial terms, this means maximizing the enterprise value of the firm by maximizing the net present value of the stream of profits (ca… Read More
This blog article attempts to describe the complex transition phase of the old and weak 3-state strategic change model in terms of two elements of the new and strong strategic management model: strategy formulation and implementation: w… 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
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
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
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 plann… Read More