Reinventing Management Strategies of Businesses to address Global Challenges

Abstract

Management Strategies pertains to setting up overall plans by examining internal and external forces that drives the competition among industry, also this pertains to proper allocation of resources in identified opportunities in gaining advantage to its rivals or competitors. Due to the challenges bring by globalization, innovation are encouraged in order to survive in a fast changing environment. Strategies that are carried out today may not be viable on the next operating days because trends and market segments are also developing overtime. The study aims to identify possible new approaches which can help in reinventing business strategies in connection with corporate strategies and business-unit strategies. These include financial, marketing, research and development, operation, human resources management, social responsibility as well as information management strategies. The researcher will be using qualitative approach and meta-analysis as well as literature reviews in order to have in depth insights of the functional areas of business in order to identified new strategies that managers or business owners.