Strategic Management Overview: A Key to Success in the Corporate Sector
DOI:
https://doi.org/10.61841/6cmrwf03Keywords:
learning vision, company orientation, policyAbstract
It is very important to understand the current situation and the types of challenges the business will encounter from the existing environment to assess the mission and the priorities of an organization. The company will carry out its mission and goals by effective use of strategies. The companies should therefore be aware of strategic management and planning. Strategic planing, that requires much strategic thought, is one of the most important management instruments that helps managers identify priorities and identify key actions needed to accomplish the organization's tasks and goals. In the present day's complex business environment, strategic management is one of the main topics in organizational management. This paper incorporates the principles of policy, strategic planning, strategic thinking and strategic management. It's very important to understand the current situation and the types of challenges that the business will encounter from the existing environment in order to assess the purpose and goals of an organisation. The organization can achieve its task and goals by successfully deploying strategies. The organizations should therefore be mindful of financial and strategic planning. Long term planning, one of the most effective management tools, requires a lot of strategic thinking, which allows managers to define goals and determine the major actions required to achieve the organization's objectives and tasks.Strategic management has now become one of the main topics of corporate management due to the complex business environment. The paper addresses strategic principles, action planning, strategic analysis, strategic management as well as the importance of strategic management.The comparison between Eastern and Western corporations also helped to understand the role of culture and environment in the development of the corporate strategy.
Downloads
References
[1] F. Zafar, S. Babar, and H. Abbas, “THe Art of Strategc Management - A Key to Success in Corporate Sector,”
Eur. J. Res. Reflect. Manag. Sci., 2013.
[2] N. A. Torugsa, W. O’Donohue, and R. Hecker, “Proactive CSR: An Empirical Analysis of the Role of its Economic, Social and Environmental Dimensions on the Association between Capabilities and Performance,” J. Bus. Ethics, 2013.
[3] S. Mathrani, A. Mathrani, and D. Viehland, “Using enterprise systems to realize digital business strategies,” J. Enterp. Inf. Manag., 2013.
[4] R. Hirte, “The Role of Middle Managers in the Implementation of a Corporate Incubator: A Case Study in the Automotive Sector,” Technol. Innov. Manag. Rev., 2018.
[5] T. Farole, “Special Economic Zones: What have we learned?,” Poverty Reduct. Econ. Manag. Netw., 2011.
[6] M. P. Murthy, “Next Generation Talent Management-Perceptions,” SSRN Electron. J., 2012.
[7] E. M. Masha, “The Case for Data Driven Strategic Decision Making,” Eur. J. Bus. Manag., 2014.
[8] G. Sharma, “Information technology acceptance and e-business adoption in organizations,” in Advances in Business and Management, 2018.
[9] S. White, “Improving the capital allocation decision-making process,” CGMA Magazine, 2015.
[10] M. Schrage and D. Kiron, “Machine Learning in the Automotive Industry: Aligning Investments and Incentives,” MIT Sloan Management Review, 2018.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution 4.0 International License.
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
