Who is increasingly utilizing the strategic-management process?

The strategic-management process is essential for organizations of all types as it helps them define their goals, allocate resources effectively, and adapt to changing environments. Increasingly, organizations realize that strategic management is not just limited to large corporations or multinational conglomerates; rather, it's a critical component for success across various entities, including small firms and nonprofit organizations.

Small firms apply the strategic-management process to gain competitive advantages, effectively compete in their markets, and sustain growth despite limited resources. Nonprofit institutions, on the other hand, utilize strategic management to enhance their mission-driven work, maximize their impact, and manage scarce resources effectively.

Multinational conglomerates, while already well-versed in strategic management due to their size and complexity, continue to refine their strategies to maintain market dominance and respond to global challenges. In light of this, it becomes evident that all types of organizations can benefit from the strategic-management process, making it a universal approach rather than one confined to specific segments of the business world. This holistic applicability underscores why every type of organization, regardless of size or sector, is increasingly employing strategic management.