2017 Business and Financial Strategies
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The world is changing rapidly and firms operating within a constantly changing environment have to face new challenges every day. Competition, globalization, increase in environmental and social awareness, and factors like these force firms to redesign almost every part of their operations. Strategic management and decision making are crucial for firms since they need to satisfy their customers' increasing expectations while satisfying the aims of their shareholders and other stakeholders. To gain and benefit from the globalization, firms need to deliberately choose a different set of activiti...
The world is changing rapidly and firms operating within a constantly changing environment have to face new challenges every day. Competition, globalization, increase in environmental and social awareness, and factors like these force firms to redesign almost every part of their operations. Strategic management and decision making are crucial for firms since they need to satisfy their customers' increasing expectations while satisfying the aims of their shareholders and other stakeholders. To gain and benefit from the globalization, firms need to deliberately choose a different set of activities to deliver a unique mix of value as M.C. Porter indicated in "What is Strategy". Being different is not easy. Competition force firms to set activities that their rivals cannot do. To attain their goals, firms need to set a unique strategy. It is believed that a firm cultivate a competitive strategy can achieve its goal. This idea brings that how setting strategy is vital for firms who need to survive in such competitive environment.
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