The social-cultural environment is part of the external environment in which social and cultural changes affect the business firm. It is generally referred to as a physical and social setting in which people live and their behavior. Social Cultural Environment is defined as a set of beliefs, values, norms, customs, practices, and behavior that exists … Read more
Hello Friends, Today, we are going to discuss the Strategic Options. We already write some articles about Strategic Management: Meaning, Features, Importance, and Levels. Let’s start with some basics of the Strategic Options. Concepts of Strategic Options Strategic options are creative alternative action-oriented responses to the external situation that an organization (or group of organizations) faces. Strategic options take advantage … Read more
Today, we are going to discuss the Company Resources and evaluate them. Let’s start with some basics for Company Resources. Concepts of resources Resources are an organization’s assets and are thus the basic building blocks of the organization. They include tangible assets, such as its plant, equipment, finances, and location, human assets, in terms of the … Read more
Hello Friends, Today, we are going to discuss Competitive Capabilities. Let’s start with some basics of Competitive Capabilities. Capabilities Capabilities refer to a corporation’s ability to exploit its resources. They consist of business processes and routines that manage the interaction among resources to turn inputs into outputs. For example, a company’s marketing capability can be based … Read more
Hello Friends, Today, we are going to discuss the Internal Analysis: Concept, Area, Process, and Method. Let’s start with some basics of the Internal Analysis. Concept of internal analysis It is the process of identifying the resource strength and its capabilities to determine organizational strength and competency to be in a better position in the market. In … Read more
Hello Friends, Today, we are going to discuss Meaning, examples, and benefits and components of Mission Statement. Let’s start with some basics of the Mission Statement. Concept of Mission Statement The mission statement is a short statement of what its overall goal is, why an organization exists, identifying the goal of its operations: what kind of service and product it provides, … Read more
Hello Friends, Today, we are going to discuss the Meaning, examples, and benefits of Strategic Vision. Let’s start with some basics of the Strategic Vision Introduction to Strategic vision A Vision statement outlines what the organization wants to be, or how it wants the world in which it operates to be. It concentrates on the future. … Read more
Hello Friends, Today, we are going to discuss the role of the CEO in Strategic Management. Let’s start with some basics of the CEO and the role of the CEO in Strategic Management Role of CEO in Strategic Management The chief executive is the executive head of the organization. S/he represents the top management. His/her main duty is to … Read more
Hello Friends, Today, we are going to discuss the Process of Strategic Management. Let’s start with some basics of the process of strategic management. Strategic Management Process The strategic management process is a six-step process that encompasses (covers) strategic planning, implementation, and evaluation. Although the first four steps describe the planning that must take place, implementation and evaluation are … Read more
Hello Friends, Today, we are going to discuss the characteristics and Importance of Strategic Management. Let’s start with some basics of the Characteristics of strategic Management. The characteristics of strategic management decisions vary with the level of strategic activity considered. Corporate-level decisions are often characterized by greater risk, cost, and profit potential, greater need for flexibility, and … Read more