Tags: Sample Bar Business PlanSim Date PacthesisNo Homework LawGlobal History Regents Religion EssayEssay Philosophical EthicsAssignment Problem Hungarian Method MaximizationCourse Work Help
Due to growth of both local and international markets, analysts sought to address and bring about strategic management and globalization of firms in view of attaining maximum customer satisfaction.
This helps identify necessary processes and resource allocation to achieve those goals.
It also helps companies strengthen and support their core competencies.
Due to globalization of strategic management, it is possible to diffuse information technology.
As a result, a government is able to foster joint research and project development in other countries, corporations are able to sell sophisticated products in other nations, and individuals are able to exchange ideas and knowhow necessary for globalization (Hitt, 2010).
Organizational culture can determine the success and failure of a business and is a key component that strategic leaders consider when developing a dynamic organization.
Culture is a major factor in the way people in an organization outline objectives, execute tasks and organize resources.
A strong business culture will make it easier for leaders to motivate their staff to execute their tasks in alignment with the outlined strategies.
Therefore, it is important to create strategies that are suitable to the organization's culture.
A SWOT analysis is a crucial element of strategic management by helping companies identify their strengths, weaknesses, opportunities and threats.
The SWOT analysis helps detect and analyze internal and external environments and other factors that may impact the business, and helps organizations prepare for the future.