Strategic Management in Public and Private Sector
Business management is a crucial term use in business since mainly it is taken as a guarantee thereby; it is not only used in generating the brand but also securing the steady stream of consumers as well as constantly alluring to the impending ones. Just like in the public sector marketing strategy provides a detailed plan for business initiatives in the private sector with the intention of steering during the fixed period of time (Sadler & Craig, 2013). Strategic management is buttressed by a persistent of evolution thereby; in the business it aids in determining areas which need attention more. In public and third sectors as the private sector marketing strategy is essential in evaluating various fundamentals for the organization (Cole, 2007).
The only difference between the third sector and public sector is that they encounter a difficult task in defining how the strategic market can be defining the market though for the public sector it is imperative to doing it (Rao, 2008). The similar aim on all business organizations is the attraction of as many consumers as possible. A business success begin after it encirclements strategic management whereby. The experience comes along with good impacts especially on the security strategic plan. It only requires a business to understand the prominence of strategic management for it to acquire power as well as control the entire company’s fortune (Lee& Trim, 2008).
Management plans are encompassed of frequent aspects which corporations put in consideration at all times. The only three economic plans a business opts to consider should be the stockholder value, reputational peril as well as impact of the alphanumeric expertise. Strategic management in mutually the public as well as the third section ensures that business management is dispirited from making any unnecessary decisions (Sekhar, n.d.). The major process used in all the economic plans are collection of data in a systematic routine then integration of the information in a detailed order that aids the business run a long-standing selling impartial. It is advisable for every organization to ensure that the applied strategic management is able to cover a long lasting horizon (Freeman, 2010).
Organizations should ensure that they put inconsideration all the elements of marketing as the first option since it is the vital as well as highly demanded component within the theory of marketing mix. It is through the price a business set on it products that consumers are able to have an image of the firm (Needle, 2014). However, Strategic Management is all about the identification as well as description which the management carries with an aim of achieving better performances. The private sector is more advantageous in the application of the strategy since, there is no interference with the federal state thus; no countless variation on how it operates and it makes it easy for the strategic management in generating more proactive as well as reactive in shaping the organization’s future (Al-Thani & Merna, 2013).
In both the private and public zone strategic management ensures that the organization focuses with the direction of identifying the best opportunities thereby; the business is able to spare more time and money by majoring on the available resources. It is an expectation of all organizations that they are able to increase its sales as well as profits through the application of strategic management which is capable of generating customer’s penchant for the company’s brand (Bak & Stair, 2011). It is genuine that every business success begin after it encirclements strategic management whereby. The experience comes along with good impacts especially on the security strategic plan (Organization for Economic Co-operation and Development, 2012).
References
Al-Thani, F. F., & Merna, T. (2013). Corporate risk management. Hoboken, N.J: Wiley.
Bak, O., & Stair, N. (2011). Impact of e-business technologies on public and private organizations: Industry comparisons and perspectives. Hershey, PA: Business Science Reference.
Cole, G. A. (2007). Strategic management: Theory and practice. London: Thomson Learning.
Freeman, R. E. (2010). Strategic management: A stakeholder approach.
Lee, Y.-I., & Trim, P. R. J. (2008). Strategic marketing decision-making in Japanese and South Korean companies.
Needle, D. (2014). Business in context: An introduction to business and its environment. London: Thomson.
Organisation for Economic Co-operation and Development. (2012). Competitive neutrality: Maintaining a level playing field between public and private business. Paris: OECD.
Rao, P. HPr. (2008). edictive modelling in strategic marketing. New Delhi: PHI Learning.
Sadler, P., & Craig, J. C. (2013). Strategic management. London: Kogan Page
Sekhar, G. V. S. (n.d.). Business policy and strategic management. S.l.: I K International Publi.
