What is the challenge of strategic management?

Achieving the strategicalal competitiveness and earning above average returns is sensation of the strategic heed scraps. It is very(prenominal) difficult to be achieved even if the sure is very big and it is even harder for those companies that argon in undersize scale. at long last the profits are usually hard to begin or gain. The rigours of change and also competition catch are other challenge. For instance, in 2000, yet 10 of Australias largest 100 enterprises had been in line of descent at the beginning of the century. And according to Business appraise Weeklys one-year list of the Top 1000 companies, more(prenominal) than 30% of the companies drop move out in severally decades. This shows that more and more company pass on be drop out for the years to come and it provides a good indication of attrition. Not only that, it also shows that there are too many rivalry for a trusted firm to compete with in a certain food market and it is a very hard cha llenge for the firm to consume their strategic management. Profit is one of the aim or destruction for most of the firm or company. However, in strategic management, beefed-up and consistence profit is not the main antecedency or concern. A strong and well-thought-out strategy was the top concern. This was followed by maximise consumer mirth and loyalty, business leadership and product or assist quality. And it is very hard to achieve actually because each consumer is contrastive from one another in terms of the satisfaction towards a certain product or service quality. So, this could be one of the challenges of strategic management.

Some compan! y or firm do creates their own problems by formulating the wrong strategy or implementing a strategy poorly. This will cause the company to make a loss rather than a profit. Sometimes do happen... full to append something here, Strategic Management is looking forward into 5 - 10 years, and in this process managers have to be logical in their decisions by taking into considerations the implicit costs (opportunity cost) &type A; stated costs (accounting costs) when doing the cost benefit analysis. If you want to pay back a full essay, order it on our website: OrderCustomPaper.com

If you want to get a full essay, visit our page: write my paper