SB 450 Chapter Notes - Chapter 1: Incrementalism, Inflection Point, Strategic Planning
15 Feb 2017
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Document Summary
Strategic management (business policy) - a set of managerial decisions and actions that determines the long-run performance of a corporation. Phases of strategic management: basic financial planning - the sales force usually provides the small amount of environmental information. Appropriate match or fit between an organization"s environment and its strategy. Strategic planning becomes increasingly important as the environment becomes more unstable. Clearer sense of strategic vision for the firm. Sharper focus on what is strategically important. Improved understanding of a rapidly changing environment it can be concluded that strategic management is crucial for long-term organizational success. Globalization, innovation, and sustainability: challenges to strategic management. Globalization the integrated internationalization of markets and corporations. Innovation - describes new products, services, methods and organizational approaches that allow the business to achieve extraordinary returns truly drives business to be remarkable. European union (eu) - the most significant trade association in the world.
