Olav is the CEO for Blue Stone, Ltd., which makes costume jewelry designed by a Spanish artist named Valeria. As a result, this jewelry has strong appeal in areas of the United States with a large Latino population. However, the U.S. market already has two companies that make high-quality costume jewelry, which are popular with people who have a mid-to-high range income. Considering all of these elements, what should Olav
do to ensure Blue Stone gains market share and is profitable? Show Sets with similar termsWhat strategic management means?Strategic management is the ongoing planning, monitoring, analysis and assessment of all necessities an organization needs to meet its goals and objectives. Changes in business environments will require organizations to constantly assess their strategies for success.
Which managers are typically responsible for the development and execution of strategic plan?One of the most important roles of the CEO and the senior leadership team is to develop and successfully execute their company's strategic plan.
What is the purpose of strategic management?Strategic management provides overall direction by developing plans and policies designed to achieve objectives and then allocating resources to implement the plans. Ultimately, strategic management is for organisations to gain a competitive edge over their competitors.
Why is strategic management important in an organization?Good strategic management is essential for long-term business success. It involves defining a business strategy with clear objectives, creating clear plans as to how these objectives will be achieved, aligning business activities to support the objectives, and allocating the resources needed to achieve the objectives.
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