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Article: Owner-managers and the practice of strategic management.
- Article from:
- International Small Business Journal
- Article date:
- May 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 Sage Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The distinction between management of operational effectiveness and strategic management has been a core belief of much management literature. Operational management is concerned with the ongoing activities of the business in relation to existing products or services and in respect of existing markets. Strategic management, in contrast, is concerned with the future success of the business and may entail major changes in the benefits to be offered customers, in organizational capacity, and in competitive posture. The application of strategic management to small firms can be seen as posing particular challenges. This can be inferred from, for example, the organizational ...