Business strategies argon an mo focus for a ships company to stick out to make them competitive. A moving in schema is for businesses to exact a competitive strategy that defines a competitive advantage, the products or services it will provide, and the customers it wants to come through (Robbins and Coulter, 2007). Knowing how to be competitive will allow a company to grow and make out profitable. In order to have a successful business strategy, a need for strategic management is imperative.
In order for a company to curb profit growth against competing firms, management forms and implements goals for the company. Strategic management is a set of decisions and actions that result in the formulation and implementation of plans intentional to achieve a companys objectives (Pearce and Robinson, 2010). During the strategy formulation, galore(postnominal) steps need following to obtain the management goals. The steps are designed for planning, directing, organizing, and controlling a companys decisions and actions related to strategy. These steps when followed will allow the short and long-run goals of a company to be accomplished.
Top-level managers are required to become involved in the decision making process of the companys strategy.
The reason for this is that these managers are usually the only ones that have the perspective needed to understand the broad implications of such decisions and the agent to authorize the necessary resource allocations (Pearce and Robinson, 2010). Another reason they are directly involved is because there is a need for the allocations of personnel, bodily assets, and money with the possibility of using outside resources.
In the decision making process, there is three levels of strategy. These consist of the bodily, business, and functional levels. The corporate level is comprised of the board of directors and the chief executive and administrative officers. The business level is composed of the...If you want to get a unspoiled essay, order it on our website: Ordercustompaper.com
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