Strategic Management & Business Development

In competitive industries, the high-level generic strategy is necessarily a competitive strategy. In most cases, the selected approach results from two choices. The strategy builder must choose:

Firstly, a plan of attack, which is the general approach for differentiating the firm and it’s offering from the competition.

Secondly, the battlefield, which is the specific market and market focus where competition takes place.

Strategy formulation Step 3 addresses the "How" question: Exactly how does the company achieve objectives? For firms in competitive industries, the question becomes this: Specifically, how does the company win against competitors, create customer demand, and earn, sustain, and grow profits? For these firms, the generic business strategy is a competitive strategy.

Business strategy is the firm's active plan for achieving its vision, prioritizing objectives, competing successfully, and optimizing financial performance with its business model. The strategy begins with a focus on the highest level objective in private industry: Increasing owner value in case of business. For most companies that is the firm's reason for being. In case of practical terms, however, firms achieve this objective only by earning profits. For most firms, therefore, the highest goal can be stated by referring to "profits." The generic business strategy, therefore, aims first to earn, sustain, and grow profits.

Managerial economics is used synonymously with business economics, as it is a branch of economics that deals with the application of microeconomic analysis to the decision-making techniques of businesses and management units. It acts as the media between economic theory and pragmatic economics. Managerial economics can be considered as the bridging gap between "theory and practice." Managerial economics helps in studying the application of the tools, theories, principles, techniques, concepts, and the methodologies of economics to managerial problems of business and industrial enterprises.

Strategic Entrepreneurship is the integration of two disciplines: Entrepreneurship and Strategic Management, where entrepreneurship is defined as identifying opportunities through innovation and Strategic Management is defined as that the management of the firm’s resources/innovation efforts. So the strategic management is completely defined as- A firm’s efforts to exploit its today’s competitive advantages while exploring for the innovations that will be the foundation of tomorrow’s competitive advantages

Many benefits include the strategic management which is identification, prioritization, and exploration of opportunities. In many studies, firms that engage in strategic management are more profitable and successful than those that do not have the benefit of strategic planning and strategic management in case of financial benefits. In case of Non-Financial Benefits, the key aspect of strategic management is that the problem solving and problem preventing capabilities of the firms are enhanced through strategic management. Finally, bringing order and discipline to the activities of the firm in its both internal processes and external activities is considered as the strategic management benefits.

A strategic audit is an evaluation and examination of areas affected by the operation of a strategic management process within an organization. Strategy Audits mainly includes assessing the firm's operational and strategic health and the other is in the Measures of organizational health. Audit Measurement methods include,

• Qualitative Organizational Measurements
• The Evaluation of Corporate Strategy
• Quantitative Organizational Measurements

Behavioral of strategic management is vital to bear in mind that organizational change is not an intellectual process concerned with the design of ever-more-complex and elegant organization structures. It is to do with the human side of the enterprise and is essentially about changing people’s attitudes, feelings and – above all else – their behavior. The behavioral of the employees affects the success of the organization.

Management of a business includes all aspects of overseeing and supervising business operations. Management is the act of allocating resources to accomplish desired goals and objectives efficiently and effectively; it comprises planning, organizing, staffing, leading or directing, and controlling an organization or effort for the purpose of accomplishing a goal.

The strategies that a business develops to set the direction for which human and material resources will be applied to a greater chance of achieving selected goals. Levels of Strategic Alternatives include Business-Level Strategy and Corporate-Level Strategy. A company develops strategic alternatives when it's in difficulty and seeking a new direction to increase profits, or even simply to save itself from dissolution.

The strategic management process is the process of defining the organization’s strategy, also defined as the process by which managers make a choice of a set of strategies for the organization that will enable them to achieve better performance. Strategic Management is a continuous process that appraises the business and the industries in which the organization is involved.