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In this recent (2005) paper Jaffe, who is both an academic and consultant, starts from the standpoint that “family considerations often overwhelm the strategic realities of the business and hinder the ability to pass the business on to subsequent generations…..(and lead to) a lack of focus on the need for business renewal” (more…)

The general environment contains many potential significant opportunities and threats and that an important part of strategic management is identifying these and developing or adjusting strategies accordingly. But a through environmental analysis must go beyond a consideration of the general environment to include an analysis of the competitive environment facing an organization. The essence strategy formulation is coping with competition. The state of competition in an industry depends on five basic forces. (more…)

Strategic management is about the management in ambiguous, uncertain and complex situations where the objective of the organisation may be explicitly defined but the ways & means to achieve these objectives may not be clear. Thus strategic management involves a proper insight into all functions of the management as a whole for example finance, accounts, marketing, human resource etc. So that by keeping an overview of all, strategy can be developed. Strategies should be carefully designed as they have got long-term implications and provides a sense of direction to the organisation. (more…)