Across industries, companies and firms in a perfectly competitive market go through transformations in their approaches of production, distribution and even marketing. This is to enhance comparative advantage over the rivals in the industry. Transformation management can be initiated by either internal or external factors of the companies involved. Leadership of an organization plays critical role in the development of strategic approaches and setting up of applicable incentives to meet the goals objectives of the company. The management should always focus on a strategic approach that will enhance the level of competition and also the economical approach that will be suitable for the company. All factors should be developed and critically analyzed in order to come up with the most appropriate approach in the management of the firm (Macmillan & Tampoe 2000).
Strategic management involves developing management aspects that will enhancement of the firm’s position in an industry. A PESTEL analytical allows critical internalization of critical factors that are critical in the development of an organization. The political system has a direct analysis of political, economic, social, technology aspects, environmental and registration measures are critical. They give management aspect a critical approach in the management process. Backtest’s should develop informed approaches to enhance the level of competitiveness in an industry.
Strategic management is involved in the development of goals and measures in an organization. It enables development of measures and strategies that are critical in the enhancement of policies within an organization. Backtest’s strategic goals and objectives are developed and managed through corrective measures that are arrived at after critical measures and development of strategic measures. It is a critical element in the growth and development of a company in an industry. Management analysis determined the level of success of a company in a competitive industry. It is a critical element in the development of approaches and enhancement of approaches within an industry.
This paper is developed to show the fundamental importance of strategic management analysis. The paper will in depth elaborate the importance of different aspects under PESTEL that can be utilized in the management and development of strategic approaches in an industry. Strategic management is critical in the development of the right product at the favourable industry to avoid massive losses. This study is developed to critically analyze the political, environmental, economic, technology and legislation. This is fundamentally to show the importance of management approach in the development (Ugboro, Obeng & Spann 2010).
The political climate has a direct influence on the level of performance of a company. They dictate legislations and laws within an industry. Political activities of an industry are critical in the development of an industry. The establishment of a new product requires strategic measures to ensure a high level of penetration within an established market in an industry. Peace and stability are the major factors influence the quality of political leadership in a society. The analysis of political factors is essential to the productivity and also development of strategic measures within an industry. Through analysis of the political situation the company management is able to determine the approaches to be implied in the marketing strategies. This is critical in determination of security (Ketchen, David, Boyd and Donald 2008).
Economic factors are critical in the determination of purchasing power of a country and a given product. The management of Back test should entail strategic analysis that is critical in the development and the development of strategic measures that will enhance the level of competitiveness in the industry. Economic performance is critical in the determination of the level of competitiveness in an industry. This is essential in the development of strategic measures. The company analysis of economic performance was essential in every measure. This is one of the most important measures in an industry. It enables control of measures and coming up of strategic approaches through the development of measures in an industry. Economic analysis enables an organization to come up with strategic measures that are critical in the development of the company. Strategic analysis is essential to the company to analyse the purchasing power of the new product of the company. This will motivate and allow setting of the right incentives (Macmillan & Tampoe 2000).
Social factors analysis is a crucial factor in the management. It forms the environment of the firm involved and this is essential in the development of a firm. Some services are essential to some social settings while others are not applicable others. The management should critically analyze all social factors that are essential in the development of strategic measures within a society. Through the analysis the company is able to develop the most suitable management and marketing incentives that can be applied as comparative advantages. The level of competition in an industry is determined by the extent of cooperation of a firm (Ketchen, David, Boyd and Donald 2008).
The management has developed products based on the right incentives in the industry. Through innovation, the company has developed strategic measures that can be utilized in the enhancement of the product and get a larger market share. It is one of the most critical aspects of management of strategic measures within an organization. Strategic management involves analyzing the global trend in the technology and developing measures that can be used to come up with the right incentives. The firm should develop measures that are identified in the management of industries. Critical analysis of all the technological measures should be kept in the consideration to come up with the most appropriate incentive in a market (Furrer, Olivier, Howard Thomas, and Anna 2008).
Legislation factors are essential in any business environment. It determines the level of success of any given business environment. There should be a critical analysis of all the laws and regulations regarding the use of Speedy Breedy will enhance the level of performing laboratory tests in a more appropriate way. The broad field in medicine and understanding of all crucial measures is critical to any firm in an industry. Before the establishment of a firm it’s essential to come up with measures that will allow development of measures that will enhance the level of competitiveness of an industry. This is critical in the development of measures that can enhance the level of competitiveness in an industry. It is critical to elaborate measures and critical understandings within an industry. Medicine industry has been faced with various challenges and great innovation will be essential before the introduction of a new product (Hafsi, Taieb and Howard 2005).
Anne Brooking as a computer specialist has utilized management aspects while coming up with the right incentives. The company management has established measures that are critical and essential to the development of an organization. Strategic measures should be developed to enhance the level of preparedness in any sector. This is critical as it ensures all the aspects that can affect the level of competitiveness are taken into considerations.
Innovation and creativity are critical in strategic management. It allows in cooperation of new measures to come up with comparative advantages in an industry. Development of measures should be done in the most critical way. The establishment of Speedy Breedy product is critical in the enhancement and development of an organization. The nature of product competitiveness in the medical laboratory should be analyzed before coming up with new incentives within an industry (Bracker 2006).
It is essential to come up with strategic analysis while developing new products in an industry. The leadership of a firm has the role of coming up with the most appropriate measures that can be employed while coming up with a new product within an industry. This involves setting of incentives and coming up with the most appropriate approaches. The PESTEL analysis approach is suitable to analyze both internal and external factors that affect the level of performance in an industry (Nag, Rajiv, Hambrick and Ming‐Jer 2007).
The management of any organization plays a critical in the development of marketing and development strategies. The company should develop critical analysis and evaluate the possible weakness and strength of the company. Identification of marketing incentives is important as it enhances competition in an industry. Speedy Breed management should develop measures and strategies that are vital in the management of the company (Bloom, Sadun & Van 2012).
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Bracker, Jeffrey (2006). “The historical development of the strategic management concept.” Academy of management review 5.2: 219-224.
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Hafsi, Taieb, and Howard Thomas (2005). “The Field of Strategy:: In Search of a Walking Stick.” European Management Journal 23.5 (): 507-519.
Ketchen, David J., Brian K. Boyd, and Donald D. Bergh (2008). “Research methodology in strategic management: Past accomplishments and future challenges.” Organizational Research Methods.
Macmillan, H., & Tampoe, M. (2000). Strategic management process, content, and implementation. Oxford, Oxford University Press.
Nag, Rajiv, Donald C. Hambrick, and Ming‐Jer Chen (2007):. “What is strategic management, really? Inductive derivation of a consensus definition of the field.” Strategic management journal 28.9:935-955.
Ugboro, I. O., Obeng, K., & Spann, O. (2010). Strategic planning as an effective tool of strategic management in public sector organizations: Evidence from public transit organizations. Administration & Society, 0095399710386315.