There are several domains of management, which are being studied at the individual level. For example, financial management deals with the management of financial resources of a firm, organizational behavior and human resource management deals with the management of the workforce and the clientele, operations management deals with the production process and optimizations of existing operations of a firm, marketing management deals with the pricing, promotion, and selling of the products and services being manufactured or designed by the firm, and economic deals with the business environment, in which the firm is operating. Now, if being looked at all these domains closely, then it can be experienced that even though all of these domains are interdisciplinary in nature, these domains are being dealt with individualistic approach in almost all the academic institutions. Therefore, in order to encapsulate them all, there was a need for another domain in management, and that’s how the domain of strategic management came into the picture.
Whenever a firm thinks of adopting a new strategy either for expansion or introducing any new product or service in the market, it has to incorporate all the divisions of the firm into consideration, else the holistic approach will be largely missed out in the strategic decision. Strategic Management takes care of this aspect. Under purview of this domain, the entire firm is considered as a single unit, and the analysis starts with assessment of the external environment, which consists of competitors, vendors, possible industry entrants, and the industrial policies. Once assessed, based of the intended objective, action plans of concerned departments are finalized, and then the functionalities of other departments are streamlined with the same. This streamlining actually integrates all the departments along with the external environment of the firm. For more information about the scope of strategic management, kindly browse through the pages of www.sampledissertations.com.
Whenever a firm thinks of adopting a new strategy either for expansion or introducing any new product or service in the market, it has to incorporate all the divisions of the firm into consideration, else the holistic approach will be largely missed out in the strategic decision. Strategic Management takes care of this aspect. Under purview of this domain, the entire firm is considered as a single unit, and the analysis starts with assessment of the external environment, which consists of competitors, vendors, possible industry entrants, and the industrial policies. Once assessed, based of the intended objective, action plans of concerned departments are finalized, and then the functionalities of other departments are streamlined with the same. This streamlining actually integrates all the departments along with the external environment of the firm. For more information about the scope of strategic management, kindly browse through the pages of www.sampledissertations.com.
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