Question

(IN YOUR WORDS ) answer in details :

1. Why is strategic management important?

2.ROLEX Watches targets smaller segments and niche customers rather than the entire market. What is the competitive strategy that ROLEX Watches follows?

What other companies follow this strategy?

3.What influential factors do we take into account when discussing external analysis of organizational strategy?

What do they represent?

Please make sure the answer is correct 100%

Answer 1

As per the HOMEWORKLIB POLICY, I have answered the first question only:

1. Strategic management is the management of a company's assets to effectively accomplish its objectives and destinations. It's an activity intend to guarantee execution targets are met, and the business keeps on developing. Strategic management gives by and large course by creating plans and approaches intended to accomplish destinations and afterward assigning assets to execute the plans. Eventually, strategic management is for associations to increase a serious edge over their rivals.

• The states of most organizations change so quick that strategic management is the best way to envision future issues and openings. It permits an endeavor to settle on its choices dependent on long-extend figures, not off the cuff responses.
• Strategic management gives money related advantages – based on experimental investigations and consistent examination, it might be asserted that the effect of strategic management is principally that improved budgetary presentation as far as benefit and development of firms with a created strategic management framework majorly affecting arranging and execution of methodologies.
• Strategic management furnishes all the workers with away from and bearings about the eventual fate of the undertaking – People perform better on the off chance that they comprehend what is anticipated from them and where the endeavor is going. This additionally lessens struggle. It gives a solid motivator to representatives and management to accomplish the organization's target. It additionally guarantees that the top administrators have a brought together sentiment on strategic issues and activities.
• Strategic management improves the nature of strategic choices through gathering communication – The procedure of gathering collaboration for dynamic encourages the age of elective techniques and better screening of feeling because of particular points of view of gathering individuals. The best options are accordingly prone to be picked and followed up on.
• Strategic management gives more noteworthy worker inspiration – Participation of representatives or their delegates in methodology definition prompts a superior comprehension of the needs and activity of the prize framework. Likewise, there is a superior gratefulness as far as concerns them of the efficiency reward linkage inborn in the strategic arrangement. Thus, objective coordinated conduct is probably going to follow motivating forces.
• Strategic management limits protection from change – The advantage of adequacy of progress with least opposition is likewise liable to follow the participative procedure of system making, as there is more noteworthy mindfulness based on picking a specific choice and the cutoff points to accessible other options. The vulnerability, which is related with change, is additionally killed simultaneously and protection from change is delivered harmless.