Concepts in Strategic Management and Business Policy

1. Why has strategic management become so important to today's corporations?
2. What is the impact of sustainability on business practice?
3. What is a learning organization? Is this approach to strategic management better than the more traditional top-down approach in which strategic planning is primarily done by top management?
4. What is a triggering event? List a few triggering events that stimulate strategic changes.
5. When is the planning mode of strategic decision making superior to the entrepreneurial and adaptive modes?

1. Why strategic management has become so important to today’s corporations
Strategic management is vital because it allows organizations to identify, prioritize and exploit opportunities at their disposal. The organization has a better and effective process of time and resource allocation to the identified opportunities. Additionally, strategic management provides managers with approaches to tackling problems and exploiting opportunities in a cooperative and integrated manner. Through this, they have an objective view of problem management with less time and resources being devoted to correcting ad hoc decisions or errors.
With strategic management there is improved control of activities and proper coordination while allowing the integration of individual behavior into total efforts because strategic management encourages and provides a favorable environment and attitude towards change....

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