Significance of Strategic Management in the Development of International Businesses-A Visionary Approach

Abstract

Organizations face endless obstacles for the protection of current marketplace and market shares. Strategic management act as a contributing factor to make stream of movements towards sustainable successive operational business development in the international business. Therefore, the present study has discussed the significance of strategic management in the development of international businesses. The study results have shown that existing financial institutions are improved and new firms within international market are emerged as a result of rapid development of financial market. The successful transition for initiating tactical adjustments on the basis of preconceived scenarios is guaranteed through the integration of acts of strategic development. Moreover, the development of strategic plan needs a great deal of strategic thinking to bring the organization’s aim to fruition. The goals of strategic marketing are achieved by ensuring a strong focus on the customer needs. The marketing tools utilized by majority of the organizations to achieve competitive advantage include; loyal customer relationship, innovation, alliances, and communication. The international strategic management tends to drive strategies of successful businesses within diverse market environment. The results have concluded that organization can gain success by developing strategic alliance with companies of similar field of operation. Moreover, mostly companies have successfully modified and created new expansion strategies to enter the marketplace.