The paper “ Strategic Management - Formulation, Implementation, and Control in a Dynamic Environment” is a comprehensive example of the literature review on management. Strategic management is a continuous process that examines and manages the operational and work processes of an organization and the industry within which the organization operates, analyzes the external competitive forces, set objectives, and plans to help the industry and the organization to satisfy all the existing and prospective customers as discussed by Verardo (1997). In addition, it reassesses each set plan and goal periodically to establish its implementation and analyzes if the plans and goals set have attained the anticipated results or it requires reforming, discarding, or replacement with a new plan and goal to effectively and efficiently, adapt to changing market and business environments, emerging technology solutions and new competitors in the market as stated by Dess et al.
(2009). This is essential in countering rapidly changing social, political, environmental, and legal, financial, and economic forces. According to Allio (2005), in contemporary highly turbulent business ecologies, budget-centered and forecast-oriented planning techniques are inadequate for large modern firms to survive and succeed in enhancing their competitive edge and achieving their missions, goals, and visions.
Strategic management, therefore, initiates strategic planning vital in lucidly defining goals and objectives and analyzing the internal and external environments to develop, implements, evaluate strategic plans and make alterations and amendments wherever and whenever necessary in order to remain relevant (Alexander, 1985). Strategic management for contemporary firms is not an option since; it can be utilized to establish the mission, vision, values and ideals, objectives and purposes, roles and responsibilities of each member of the labor force, and defining and establishing timelines. This report seeks to explicitly compare and contrast the formulation and implementation approaches to strategizing from economic perspectives and behaviorist perspectives used in a modern writing software firm in a young, dynamic and complex industry and a yogurt company in a mature, stable, simple and traditional industry respectively.
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