Management Challenge

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Date Submitted: 09/12/2016 11:36 PM

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E-Leader, Slovakia 2006




Emilia Papulova

University of Economics

Bratislava, Slovak Republic

Zuzana Papulova

Comenius University

Bratislava, Slovak Republic

Abstract: In order to be successful, organizations must be strategically aware. The need for all managers is to

by able to think strategically. Decisions by managers have a strategic impact and contribute to strategic change.

Strategic management is a highly important element of organizational success. Strategic success requires a clear

understanding of the needs of the market, and the satisfaction of targeted customers more effectively and more

profitably than by competitors. Real competitive advantage implies companies are able to satisfy customer

needs more effectively than their competitors. It is achieved if and when real value is added for customers.

Small and midsized enterprises which understand their customers can create competitive advantage and so

benefit from lower prices and loyalty of customers. Higher capacity utilization can then help to reduce costs.

Thinking Strategically

Today’s organizations have to deal with dynamic and uncertain environments. In order to be successful,

organizations must be strategically aware. They must understand how changes in their competitive environment

are unfolding. They should actively look for opportunities to exploit their strategic abilities, adapt and seek

improvements in every area of the business, building on awareness and understanding of current strategies and

successes. Organizations must be able to act quickly in response to opportunities and barriers.

Managers operating in organizations perform a number of activities including planning and organizing the

work of their subordinates, motivating them, controlling what happens and evaluating results. Decisions by...