The harder firms practice strategic management, the better they are. (10th September 2020)

• Record Type: Journal Article
• Authors: Elbanna, Said; Al Katheeri, Bakheet; Colak, Mustafa
• Is Part Of: Strategic change. Volume 29:Number 5(2020)
• Page Start: 561
• Page End: 569
• Publication Date: 2020-09-10
• Subjects: firm competitiveness -- semi‐government firms -- strategic planning -- strategy evaluation and control -- strategy formulation -- strategy implementation; Organizational change -- Periodicals; Strategic planning -- Periodicals; 658.401205
• DOI: 10.1002/jsc.2365
• Languages: English
• ISSNs: 1086-1718

Abstract

Abstract: The integrated practice of strategic management, that is the use of the three components of the strategic management process (formulation, implementation, and evaluation) does matter. Firms should plan intensively and pay attention to choosing strategic planning tools that best fit their needs. No matter how sound the formulated plans are, firms will not benefit if these plans are neither implemented nor evaluated correctly. The harder firms practice strategic management, the better their performance and competitiveness will be.