Companies in the current corporate world need to develop strategies which comprise series of decisions and plans developed focusing on achieving the company goals and objectives. All forms of organizations require strategic plan to ensure that they achieve the set objectives whether they are small or large. Strategic management is a core aspect of an organization and comprises of various approaches adopted in various companies. Therefore to evaluate a strategic plan of a given company, it is important to acknowledge and explore other available alternatives.
It is notable that prescriptive and emergent strategic planning strategies are popular and mostly used in various companies. These two strategies go head to head in much argument and it is important for companies to evaluate their relevance and effectiveness given economic climate that the specific company is operating (Analoui 2003). In the context of the current economic climate the one that will ensure that the organization attain its long-term and short-term objectives shall emerge to being on top.
The current economic climate
It is notable that the current economic climate in most countries in the world is very much turbulent. This has become a key determinant in regard to strategic planning of most organizations and companies. According to Charles Hill (2009) he asserts that in UK and USA and many other countries it is notable that they are out of economic crisis and recession, there is much fear that the economic situation may return to recession (Hill 2009). The most affected companies are the retail companies which have opened stores in many countries. ...Show more