Chapter 1 DQs and Responses

Chapter 1 DQs and Responses - Chapter 1 DQs and Responses 1...

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Chapter 1 DQs and Responses 1. Why has strategic management become so important to today's corporations? Research indicates that organizations that engage in strategic management generally outperform those that do not. The attainment of an appropriate fit between an organization's environment and its strategy, structure, and processes has positive effects on the organization's performance. The three most highly-rated benefits of strategic management are a clearer sense of a firm’s strategic vision, a sharper focus on what is strategically important, and an improved understanding of a rapidly changing environment. As the world's environment becomes increasingly complex and changing, strategic management is used by today's corporations as one way to make the environment more manageable. 2. How does strategic management typically evolve in a corporation? Strategic management in a corporation appears to evolve through four sequential phases according to Gluck, Kaufman and Walleck. Beginning with basic financial planning, it develops into forecast-based planning, and then into externally-oriented planning, and finally into a full-blown strategic management system.
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