Management Fundamentals 7th Edition by Robert N. Lussier

Exercise 23

The following critical-thinking questions can be used for class discussion and/or as written assignments to develop communication skills. Be sure to give complete explanations for all questions.

Should all businesses have corporate, business, and functional strategies?

Step 1 of 2

In earlier times only large companies used to make strategies. But now it is an essential requirement for all businesses in order to survive, be it small, large or big. Top management must be visionary, anticipating change, accepting change and proactively and successfully navigating through these changes. Without strategies company will simply drag itself and will react to day to day stimuli. It cannot grow in today’s competitive world.

Even today’s successful businesses should accept the fact that yesterday’s success does not ensure success of tomorrow. To maintain the success and status quo also requires effort. If not attended properly, it may become a challenge. To maintain status quo or to grow more, companies must change their behaviors as per requirement of time, implement new procedures, hire different people and put new systems in place.