Strategic Management

Description

The increasing importance of strategic management may be a result of several trends. Increasing competition in most industries has made it difficult for some companies to compete. Modern and cheaper transportation and communication have led to increasing global trade and awareness. Technological development has led to accelerated changes in the global economy. Regardless of the reasons, the past two decades have seen a surge in interest in strategic management. Many perspectives on strategic management and the strategic management process have emerged. As the field of strategic management began to emerge in the latter part of the 20th century, scholars borrowed heavily from the field of economics. For some times, economists had been actively studying topics associated with the competitiveness of industries.

However, much of the economics research at the time focused on industries as a whole, and some of it even assumed that individual firm differences did not matter. Other fields also influenced early strategic management thought, including marketing, finance, psychology, and management. Academic progress was slow in the beginning, and the large consulting firms began to develop their own models and theories to meet their client needs. Scholars readily adopted many of these models into their own articles and books. This book sheds light on some of the different approaches and strategies that can be adopted to achieve the goals of the organisation.