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  Strategic Management April 15, 2025   by  admin Strategic management acts as the compass for organizations,  guiding them across the complex landscape of business environments. At its core, strategic management is all about  making informed decisions  that steer a company toward its long-term goals, ensuring survival and growth amidst fluctuating circumstances. In the hustle and bustle of running a business, why is strategic management so pivotal? Organizations that weave strategic management into their fabric often experience better coordination, making their efforts more efficient. It’s like having a roadmap of how to get where you want to go without unnecessary detours. A crucial part of this process is the business policy, which lays down guidelines to ensure consistency with the company’s strategic objectives. These policies help in reiterating the mission and vision statements – those catchy phrases that symbolize what an organization stands for and...

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Conflict of Interest Some firms can run aground when it starts to move into uncharted areas or business gray areas of vertical business concerns. For example, suppose that a car dealer might want to advise a customer, you, further on importing three-wheel bikes from Brazil. It turns out these three-wheel bikes only come disassembled in the box. Worse than that, the wheels have to be ordered separately from the Far East. And further, all of a sudden, the price of the wheels has somewhat tripled over the next two days after receiving the first shipment of bikes from Brazil. Now you are stuck with a container full of three-wheel bikes with no wheels to meet your initial pricing model. The car dealer had no way of knowing that crucial fact because he only has one three-wheeler that a customer traded in on a new car. Fact is, the car dealer did not do due diligent, or fact-finding on, the intricate details, of the importing of that particular three-wheeler brand at all. Owing to ...