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In: Operations Management
the importance of Strategic Management for a successful business expansion based on an actual business that...
the importance of Strategic Management for a successful business expansion based on an actual business that has gone from brick-and-mortar only, to offer its products and/or services in an online environment and/or in an international environment
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The importance of strategic management for successful business expansion would be explained below by taking an example of Coca-Cola Inc. who went from brick-and-mortar only to the international environment.
1. Competitive advantages: Strategic management has helped the company to get a competitive advantage over other rivals by formulating the strategies that are unique and provide better services and products from its rival companies. It helps to gain knowledge regarding the potential competitors and existing competitors at the time of expansion internationally.
2. Environmental studying: Properly assessing strategic management helped the company to know everything about the environment of any international market, telling them about their strength and weaknesses as compared to other rivals, their chances of survival and success, and an opportunity that is prevailing in the environment that they can exploit.
3. Future planning: Good strategic management has helped the company to established successfully their long term goal and conduct future planning for the organization for the international markets in a manner that would be beneficial for the company in terms of customer satisfaction, profit levels as well as completing their competitors.
4. Better performance: Strategic management has helped the company to perform better in international markets. The company successfully evaluated the needs and wants of customers of the new international markets with the help of strategic management and evaluated the tastes and preferences of the customers regarding their product, and added or reduced the flavors of their drinks according to that.
keosha answered 1 year agoRelated Solutions
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