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Lecture 13: Core Competencies and Competitive Advantage: THE LAST QUESTION AS AN INSIGHT
Strategic Management
By the end of this lecture video, sir asked, if the stratgic management is so helpful in building and establishing the brand of business, then why dont all the business use a good strategic management to improve. MY INSIGHT This could probably because of the following reasons (lIMITATION OF STRATEGIC MANAGEMENT) 1. SM for small business may be costlier to be implemented. 2. It require specific skills in making decisions and forcasting or predicting the future threats, which many business entrepreneur fails to judge initially. 3. As the business environment is ever changing, small enterprises may find comfort in performing their daily routine of business. This may because, people may find comfort in safe zone rather than risking themeselves in name of innovation. 4. Taking managerial decision is not a one stop business, it requires continous analaysis and implementing the right strategy with right Human or machinery or technological resources. This list could be expanded using practical perspectives of small scale business vs large scale business. [Video Time Stamp: 03:08] Video Details ------------- P6B - Strategic Management Introduction to Strategic Management (New) #13. SM - Core Competencies & Competitive advantage
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Very good points. Also to add - Lack of formal education in strategy among small business owners limits structured planning. - Family-run businesses may rely on traditional methods instead of adopting modern strategies. -Fear of failure often holds back small businesses from experimenting with strategic initiatives. -Access to market data and insights is limited for micro and small enterprises. - Financial factors also must be considered.
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