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Strategic Management , Strategic Decisions, Red and Blue Oceans

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1. Explain the benefits and importance of strategic management as a process.
2. Give examples of strategic decisions that companies have recently made.
3. Explain why information gathering is an essential element in strategic management process.
4. Name three industries that are currently red oceans? Where do blue ocean opportunities exist?
5. Name any industries or products that would create a "Blue" ocean? Explain.

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Strategic Management , Strategic Decisions, Red and Blue Oceans

1. Explain the benefits and importance of strategic management as a process.
Strategic management (strategic planning) is a process which involves the leadership team of an organization envisioning the organization's future and developing the necessary practices and procedures to achieve that future vision. The strategic plan builds the framework for creating a marketing plan and a financial plan.

Strategic management is important because it can help organizations to achieve superior performance. It can also positively affect the bottom line of a company by increasing its sales, profits, and return on investments (Barnat, 2015).

Strategic Management's benefits include but are not limited to the following. It enables the organization to forecast future problems and opportunities. It supplies employees with clear objectives and guidance for the future of the company. It brings about better and more effective performance for the organization. It raises the satisfaction and motivation levels of the organization's employees. It produces better and faster decision making and it delivers cost savings (Barnat, 2015).

2. Give examples of strategic decisions that companies have recently made.

Strategic decisions do not always yield optimal results. For example McDonald's lost a future $13 billion asset when it divested itself of Chipotle Mexican ...

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This is a discussion of Strategic Management , Strategic Decisions, and Red and Blue Oceans.

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