Abstract
Strategic management entails planning, organizing, developing, controlling and implementing activities effectively within the organization to achieve corporate strategic goals and objectives. Furthermore, strategic management involves effective resource allocation, reviewing internal processes and monitoring the external factors that might impact the enterprise. It is in this vein that when the relationship management of stakeholders within the entity is not handled / tackled expertly and there are squabbles and nuances, the success of the business would be jeopardized. This would lead to loss of investment from shareholders, which consequently, would cause irreparable damage and possibly, demise of the enterprise. Management should therefore, be circumspect to alleviate all misunderstandings amongst the stakeholders for transparency in all facets of the organization, and allow the conditions of service to work as endorsed and agreed upon by the stakeholders. Moreover, communication should be effective and allowed to flow seamlessly with harmony amongst the stakeholders and effective decision making by management to promote a viable organization for competitive advantage.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
