Advanced Materials Science Research

Strategic-management-in-industries

Strategic management for industrially developed businesses analyses business trends for the goods made by the specific company. A detailed study into the company's external influences follows. Finally, the company's own internal characteristics form the basis for a strategic positioning that allows the company to harness its advantages and the weaknesses of its competitors. Management focuses firm strengths on business segments where they offer the greatest benefits. It reduces effort in sectors where the competitors are strong or where there is no obvious competitive advantage. Industrial firms operate to supply goods to different markets, producing revenues. Strategic management presupposes a detailed market knowledge into which the firm sells. Size of the market, expected growth, competitiveness and profitability of the industry are key factors in deciding strategy. A market assessment will also look for resource availability constraints, and any uncertainties arising from emerging threats. Finally , strategic planning must take into account the impact of regulators and policy influences on the sector. Market characteristics for a company are external influences but result in measurable internal parameters. Market share and cost to produce are main considerations in strategic management. By negotiating with suppliers and potential leverage with customers to influence market share and pricing, the ability to influence costs affects the stability of these key factors. They describe the company's position in the marketplace and help to determine if strategies such as alliances or company splitting are appropriate. 

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