Strategic Management
According to Barney, & Hesterly (2014), strategic management in the field of management refers to the formulation and implementation of a company’s significant goals based on visions and missions set by stakeholders and owners of respective franchises. Strategic management incorporates the use of strategic planning during its processes. Strategic planning refers to the management of resources and priorities within an enterprise aimed at optimizing teamwork, operations fortification, networking between hiring staff mostly stakeholders and employees while ensuring a healthy working environment to attain specific goals (Barney, & Hesterly, 2014). The process of strategic
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The examples used by Malcolm are essential especially in showing how market research can be used to ensure a product performs well in the market place. The chair example proves that asking potential customers is the first step to creating a commercially successful product. Enquiring from people about a product shows that there is a problem. Most ideas are good, but then it takes asking others to understand the best way to design such products (rickyxjtu, 2015).
The commercial success of the chairs was as a result of enquiring. The chair example proves that people will at times say that they are uninterested in new ideas, but in the real sense, they are excited…
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