Strategic Management business organization

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Strategic management is nonetheless one of the most crucial areas for business entities. Devising, implementing, and executing a company's strategy have become top priority managerial tasks in any business organization. Stated simply, strategic management is the process of clearly defining a business organisation's goals and objectives while assessing its resources and strengths in order to formulate and execute strategies…

Introduction

It is highly important that the company designs and executes a specific strategy, as it will be the master plan with which it will pattern all its strategic moves and actions. Lack of a specific strategy is a "surefire ticket for organizational drift, competitive mediocrity, internal wheel-spinning and lackluster results (Thomson 2002)."
Second, Thomson argues that business entities need to devise and implement strategies, as the efforts of all the functional areas in the company should be molded into a "coordinated, compatible whole." A comprehensive strategy takes all the business units into account making each action mutually supportive. Without a well-laid out strategic plan, there will be no basis for uniting the efforts of all the functional areas, no clear direction on the business decisions and plans that the business takes, and no conscious business model for profit generation.
Kotler has argued that business entities are currently operating on hypercompetitive environment which is characterized by more stringent competition and higher buyer levera ...
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