Strategic Planning, Development, And Implementation Of The Organization 's Goals And Objectives

1427 WordsApr 13, 20176 Pages
Strategic Management Abstract Strategic managementis the planning, development, and implementation of the organization’s goals and objectives by senior management in regard to the company’s internal and external resources. Strategic management also involves examining the competitors and comparing them to identify which ways to be better than them. An organization should look at their strengths and weakness and compare them against those of their competitors. It should also search for opportunities available in the market and the threats the competitors face.Organizations need to understand how to identify the critical factors that affect the implementation process of strategic management and address them effectively to reduce risk and…show more content…
An entrepreneur offers unique products at lower prices than those of the competitors. In developing the core strategies, an entrepreneur should evaluate the markets and analyze their strengths and weaknesses. He or she should establish the opportunities and threats in the markets in order to strategically place his or her business. After carefully choosing the strategy, the entrepreneur introduces a global program whereby he or she introduces the homogeneous product and adjusts it into the local market. He or she should balance the local needs and the overall global strategies. In executing a good global program, an entrepreneur should be flexible and standard. Moreover, the entrepreneur should consider the local markets cultures so as to know which products fit the local markets well. Additionally, he or she should also ensure that the products provided are of great quality. Consequently, managers of an entrepreneurial venture should apply and regulate a global effort by relating well and facilitating proper flow of information. Communication should be efficient and effective among the organizational structures. The managers can also hold meetings and conferences to discuss the various issues facing the organization (Morschett, Schramm-Klein, & Zentes, 2015).Combining the internal strengths of a business with the plans for expansion into the markets provides a strong strategy for an entrepreneurial venture. Therefore, a firm should evaluate its internal strengths by

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