The Role of Strategic Management in Economic Cycles of Family Enterprises in the Process of Institutionalization

Abstract

Family businesses in our country and in the world are an important force in the economy. Therefore, the importance of family businesses in the economy is indisputably large. But nowadays competition and globalization reduce the sustainability of family businesses. This situation firstly harms the family business and then the economy significantly. Strategic management has become a necessity in today’s world where competition is increasing day by day and competition is globalized. Strategic management activities are carried out to ensure long-term success in almost all sectors. They can achieve the target and long-term achievements that they want to achieve in the near future through strategic management. The focus of this study is on the adoption of a strategic management approach to the positions that enterprises must take against the conditions arising from global competition.