Latest Trends and New Tools Being Used in Strategic Management
In today’s rapidly changing world, there is an increased need for excellent strategic planning. A firm’s survival may indeed hinge on the firm’s planning process being exemplary. Various aspects of the strategic planning process are under review today as organizations wrestle to compete more effecti...
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| Format: | Article |
| Language: | English |
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Faculty of Engineering, University of Debrecen
2021-05-01
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| Series: | International Journal of Engineering and Management Sciences |
| Subjects: | |
| Online Access: | https://ojs.lib.unideb.hu/IJEMS/article/view/9103 |
| _version_ | 1797655843637821440 |
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| author | András Nábrádi David Forest Beáta Bittner Tünde Zita Kovács Hajnalka Madai Adrián Nagy |
| author_facet | András Nábrádi David Forest Beáta Bittner Tünde Zita Kovács Hajnalka Madai Adrián Nagy |
| author_sort | András Nábrádi |
| collection | DOAJ |
| description | In today’s rapidly changing world, there is an increased need for excellent strategic planning. A firm’s survival may indeed hinge on the firm’s planning process being exemplary. Various aspects of the strategic planning process are under review today as organizations wrestle to compete more effectively in an ever-changing world. This paper reveals and describes five new trends or tools being utilized today by firms to more effectively engage in strategic planning. Specifically, the new trends and tools to be discussed in this paper are as follows: increased need to follow a strategic planning model; increased need to develop quality vision and mission statements; a new improved method for incorporating SWOT analysis into practice. Utilizing two matrices one internal and one external to provide a less biased way to access the current strategy fit with conditions facing the firm. Explain the use of a decision matrix commonly called the QSPM (Quantitative Strategic Planning Matrix) for assessing the relative attractiveness of various strategies being considered for implementation. The purpose of this paper is to familiarize readers with basic new tools and techniques being used by organizations to effectively develop an improved strategic plan for the firm.
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| first_indexed | 2024-03-11T17:20:30Z |
| format | Article |
| id | doaj.art-61325df56fd041dd89993425f006ea07 |
| institution | Directory Open Access Journal |
| issn | 2498-700X |
| language | English |
| last_indexed | 2024-03-11T17:20:30Z |
| publishDate | 2021-05-01 |
| publisher | Faculty of Engineering, University of Debrecen |
| record_format | Article |
| series | International Journal of Engineering and Management Sciences |
| spelling | doaj.art-61325df56fd041dd89993425f006ea072023-10-19T12:05:16ZengFaculty of Engineering, University of DebrecenInternational Journal of Engineering and Management Sciences2498-700X2021-05-016110.21791/IJEMS.2021.1.7.Latest Trends and New Tools Being Used in Strategic ManagementAndrás Nábrádi0https://orcid.org/0000-0002-3609-5668David Forest1Beáta Bittner2https://orcid.org/0000-0002-1286-2092Tünde Zita Kovács3https://orcid.org/0000-0002-6970-1919Hajnalka Madai4https://orcid.org/0000-0002-1720-7935Adrián Nagy5https://orcid.org/0000-0002-3813-9759University of Debrecen, Faculty of Economics and Business, Department of Business ManagementUniversity of Debrecen, Faculty of Economics and Business, The Károly Ihrig Doctoral SchoolUniversity of Debrecen, Faculty of Economics and Business, The Károly Ihrig Doctoral SchoolUniversity of Debrecen, Faculty of Economics and Business, The Károly Ihrig Doctoral SchoolUniversity of Debrecen, Faculty of Economics and Business, Department of Business ManagementUniversity of Debrecen, Faculty of Economics and Business, Department of Business ManagementIn today’s rapidly changing world, there is an increased need for excellent strategic planning. A firm’s survival may indeed hinge on the firm’s planning process being exemplary. Various aspects of the strategic planning process are under review today as organizations wrestle to compete more effectively in an ever-changing world. This paper reveals and describes five new trends or tools being utilized today by firms to more effectively engage in strategic planning. Specifically, the new trends and tools to be discussed in this paper are as follows: increased need to follow a strategic planning model; increased need to develop quality vision and mission statements; a new improved method for incorporating SWOT analysis into practice. Utilizing two matrices one internal and one external to provide a less biased way to access the current strategy fit with conditions facing the firm. Explain the use of a decision matrix commonly called the QSPM (Quantitative Strategic Planning Matrix) for assessing the relative attractiveness of various strategies being considered for implementation. The purpose of this paper is to familiarize readers with basic new tools and techniques being used by organizations to effectively develop an improved strategic plan for the firm. https://ojs.lib.unideb.hu/IJEMS/article/view/9103strategic managementnew strategy trendsnew strategy techniques |
| spellingShingle | András Nábrádi David Forest Beáta Bittner Tünde Zita Kovács Hajnalka Madai Adrián Nagy Latest Trends and New Tools Being Used in Strategic Management International Journal of Engineering and Management Sciences strategic management new strategy trends new strategy techniques |
| title | Latest Trends and New Tools Being Used in Strategic Management |
| title_full | Latest Trends and New Tools Being Used in Strategic Management |
| title_fullStr | Latest Trends and New Tools Being Used in Strategic Management |
| title_full_unstemmed | Latest Trends and New Tools Being Used in Strategic Management |
| title_short | Latest Trends and New Tools Being Used in Strategic Management |
| title_sort | latest trends and new tools being used in strategic management |
| topic | strategic management new strategy trends new strategy techniques |
| url | https://ojs.lib.unideb.hu/IJEMS/article/view/9103 |
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