Answered: What is the importance of strategic…

Business

Operations Management

What is the importance of strategic planning for a technology companies ?

Principles of Management

OER 2019th Edition

ISBN:9780998625768

Author:OpenStax

Publisher:OpenStax

Chapter18: Management Of Technology And Innovation

Section: Chapter Questions

Problem 1CRQ: How do we define technology and innovation, and how are they related?

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Product Extension and Refinement

“Product extension is the marketing strategy using an established product's brand name on a new product that is in the same category.”

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What is the importance of strategic planning for a technology companies ?

Expert Solution

Step 1

Strategic management is the process of reviewing companies objectives, policies, frameworks, standards, IT stack, etc. It involves carrying out competitor analysis to know the companies standing from an external viewpoint. This enables to set short term goals that will result in growth, development and profit of an organisation.

Technology and strategy share an inseparable bond. A strategy helps a company achieve its goals, at the same time technology accelerates the process. Effective strategic plans help Tech companies to overcome the barrier of short-sightedness.

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