Business Environment And Strategic Management Assignment

Business Environment And Strategic Management - Assignment Example has necessitated these firms or the industries to invest in new technology or new systems that assist in reducing costs while at the same time enhances efficiency, which in turn results in higher profits. It is important to note that such initiatives are not the preserve of firms and industries in the higher echelons. This means that company CEO or industry leaders are increasingly on the lookout to for demands that are strategic and complement fully the operations of the firm or groups of firms in the industry. Various firms in a bid to be ahead of the pack are increasingly adopting new developments such as mobile technology and the rampant usage of social networking. There are strategic roles that new technology have with regard to a firm or an industry, this paper will initially look into them thereafter look into factors which may hamper the diffusion of such new technology. Additionally, the paper will consider a specific product or process innovation in an organization then analyse the corporate objectives for such an investment. Finally the paper will Identify and discuss factors which may have helped or hindered the adoption of this new technology within the organisation. The significance of strategies for not only firms but also the entire industries has been always stressed in the strategic management. Hitt, Ireland and Hoskisson (2010, p.334) observed that ‘†¦corporate strategies†¦ Allow firms to search for new markets †¦and technologies to outdo their rivals’. A number of literatures on strategic management have pointed out that firms adoption of new technologies can be directly linked to strategic roles that a firm’s management hierarchy intends to pursue. Various firms adopt these strategies to show critical and important stages they must follow in order to achieve their target organizational objectives. The available strategic management theories often cite two important models of strategic decision-making: the incremental and the