How does strategic management interface with economics and marketing as an area of study?
Strategic management is a wide area. However, the discipline deals with establishing goals and objectives in the long term. It also involves plans to achieve those objective.
Economics and economical activities are often an external factors that impact the strategic management. For example, if the economy is bad, the strategy may be to conserve cash for the organization. If the economy is good, then the objective may be to be aggressive and based on this the strategic planning will change. Strategic management deals with economic activities and establishes goals and plans accordingly.
Marketing is an internal factors. It depends solely on the objectives set by the strategic management practice. For example, if the company is aggressive, then the marketing spend and activities may be more aggressive. This is often due to the downstream impact from strategic management.
Thus the relationship between them can be simplified as economy as the external factor that impacts strategic management. On the other strategic management's outcome impacts the marketing decisions.
How does strategic management interface with economics and marketing as an area of study?
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