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How does a hypercompetitive environment change the strategic approach for a company?
In a hypercompetitive environment, companies must adopt a more agile and adaptive strategic approach to stay ahead of rivals. This often involves continuous innovation, rapid product development, and a heightened focus on customer needs and preferences. Firms may prioritize real-time market analysis and flexible resource allocation to quickly respond to emerging trends and competitor actions. Additionally, collaboration and strategic partnerships can become essential for leveraging complementary strengths and enhancing competitive advantage.
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Why is strategic management dynamic not static?
Strategy is always a recurring mechanism which can be achieved by dynamic approach but not a static approach...to an extent strategy can be static...for instance..when a company has achieved break-even or when there is monopoly or when the company has highly equipped technology....but, this situation will not be stagnant in any company.....whereas dynamic approach is needed for continuos r&d in a company...and in todays world, dynamic approach is definitely needed because of huge competition due to Globalization.
What is corporate strategic planning?
Corporate strategic planning is a process by which a company defines its objectives and missions. It is essential in the workings of a large company to have a strategic plan in place
What do you think is the appropriate role of a board of directors in strategic management?
The board of directors should be very much involved with strategic management because strategic management involves the identification of environment that the corporation works in, it defines the mission, sets objectives and goals for the achievement of that corporate mission and evaluates the company's progress on a continuous basis. -SK
Strategic Project Management?
Strategic project management is used to grow the business. Project managers choose projects that align with the strategic objectives of the company.
Explain various dimensions of strategic management?
1.Strategic issues require top-management decisions- decision-making 2. Strategic issues involve the allocation of large amount of company resources- allocation of resources 3.Strategic issues are likely to have significant impact on the long term prosperity o f the firm- operational success 4.Strategic issues are future-oriented- long term existence 5..Strategic issues usually have major multi functional and multi business consequences-? 6.Strategic issues necessitate considering factors in the firm's external environment-?
Why is strategic management dynamic not static?
Strategy is always a recurring mechanism which can be achieved by dynamic approach but not a static approach...to an extent strategy can be static...for instance..when a company has achieved break-even or when there is monopoly or when the company has highly equipped technology....but, this situation will not be stagnant in any company.....whereas dynamic approach is needed for continuos r&d in a company...and in todays world, dynamic approach is definitely needed because of huge competition due to Globalization.
Internal and external environment of BMW?
under the section 'The resource based view of the firm', we discuss of the notion of strategic asset. In the case of BMW cars, do some research and discuss of the strategic assets of BMW company.
What are the three major activies in planning function?
There are three basic activities in Strategic Planning. Strategic Analysis which requires some sort of review of the company's driving force and environment. Setting Strategic Direction which requires coming to conclusions and setting strategic goals based on the issues facing the company. Action Planning involves the carefully laid out plan or gameplay needed to achieve a successful outcome.
What is corporate strategic planning?
Corporate strategic planning is a process by which a company defines its objectives and missions. It is essential in the workings of a large company to have a strategic plan in place
What are the primary internal and external organization considerations for the development of a strategic plan?
The primary external organization considerations for the development of a strategic plan are the remote environment, industry environment, and the operating environment. The operating environment includes the firm's competitors, suppliers, laborers, and anything related to the operation of their company. Industry enivornment includes entry barriers, competitive rivalry, and buyer and supplier power. Remote environment include political, economic, social, technoligcal, and ecological factors. I think the most important consideration is remote environment because it sets the stage for how the company is going to run and what the economy and given nation is in need of. They're strategic plan will be built around different opportunities, threats, and constraints based on the remote environment. Courtesy of UOP student post
What is the pitfall of the technique trap in strategic human resource planning?
HR planners work in an environment characterized by ambiguous regulations, company politics and diverse management styles
What is Raymond Gilmartin's leadership approach?
analysts, and Gilmartin himself described his management style as a preference for delegating day-to-day activities to subordinates while setting the company's overall strategic direction.
What is a sentence with the word strategic?
The castle was built in a strategic location.We need a good strategic plan to turn the company around.Chess is a strategic game.
What is Strategic Sale in Indian Context?
strategic sale in Indian context is the market share of the company.
What is the definition of strategic investment?
A strategic investment is a kind of investment which invests in your company because of a strategic interest in your business. For example, if you have developed a novel product or some interesting, new technology, the strategic investor may wish to complement its own growth by strategically integrating your company's novel product or new technology into its business. A strategic investor is usually a larger company, often in the same industry as your company. They are interested in a return on its investment.
What do you think is the appropriate role of a board of directors in strategic management?
The board of directors should be very much involved with strategic management because strategic management involves the identification of environment that the corporation works in, it defines the mission, sets objectives and goals for the achievement of that corporate mission and evaluates the company's progress on a continuous basis. -SK
Strategic Project Management?
Strategic project management is used to grow the business. Project managers choose projects that align with the strategic objectives of the company.
