Strategic Management: Setting Goals and Formulating Strategy
Objective 5-4 Explain the importance of strategic management and effective goal setting in organizational success.
As we noted previously, planning is a critical part of the manager’s job. Managers today are increasingly being called on to think and act strategically. Strategic management is the process of helping an organization maintain an effective alignment with its environment. For instance, if a firm’s business environment is heading toward fiercer competition, the business may need to start cutting its costs and developing more products and services before the competition really starts to heat up. Likewise, if an industry is globalizing, a firm’s managers may need to start ...
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