Businesses all around the world have been affected adversely since the spread of the COVID 19. In this state of adversity, proper Strategic Management is the only key to success. It takes into consideration the current position of the organization, makes an analysis of its strengths and weaknesses, and formulates plans of action. Continue reading
As early as in 2006 it was argued that social media started replacing traditional sources of information (Jepsen, 2006). Later, it has been supported that social media might influence the buying behaviour process; at least as described in Inputs-Processing-Response models (Constantinides& Fountain, 2008). Moreover, De Valck, Van Bruggen, &Wierenga (2009) suggested that virtual communities are becoming important networks of consumer knowledge that influence consumer behaviour. Continue reading
What is a strategy?
Term strategy is quite loosely used in industry and even in real life. As defined by Michael Porter in 1996 (Porter, 1996) that operational effectiveness, total quality management, benchmarking, re-engineering etc. is not a strategy. Similarly, the idea of doing something different in a situation is a simple trick but not a strategy. The argument is based on the logic that these steps or activities, though provided gains to the firm in short run but could be easily imitated by the competitors hence rarely lead to a source of sustainable growth. Hence the bigger question arises, what is a strategy? Continue reading