The Importance of the Strategic Management Process in the Knowledge-Based Economy

Abstract

In their quest for economic success, managers have always noticed that for some reason, some companies seem to flourish apparently effortless, while others, despite their continuous struggle, come across nothing but loss. The reason for this difference has been long studied, in order to understand which are the most important managerial actions that separate winners from losers. The results of these studies can be summarized as follows: 1. In successful organizations, managers have a clear vision of the purpose and direction of the company and don’t hesitate to approach new directions or to initiate major changes. The managers of unsuccessful companies, on the other hand, are so preoccupied with current issues and details that simply neglect to identify any purpose and direction. 2. The successful managers are those who know everything about the clients ’ needs and behaviour, the market requirements and the opportunities provided by the environment. They often get their best

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