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Essay's paper info
Topic: Business
Number of pages / Number of words: 7 / 1894
Essay's paper body

Long term strategies involve preparing for and preempting the future. Marketing strategist Derek Abell (1993), has suggested that understanding this dual nature of strategic management is the least understood part of the process. He claims that balancing the temporal aspects of strategic planning requires the use of dual strategies simultaneously...


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This is the highest level corporate activity that sets the terms and goals for a company that it should follow for prosperity.

[edit] General approaches

In general terms, there are two main approaches, which are opposite but complement each other in some ways, to strategic management:

The Industrial Organization Approach

based on economic theory ? deals with issues like competitive rivalry, resource allocation, economies of scale

assumptions ? rationality, self discipline behaviour, profit maximization

The Sociological Approach

deals primarily with human interactions

assumptions ? bounded rationality, satisfying behaviour, profit sub-optimality...


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