Companies not only need a product that sells but also need a strategy to conduct business. In some cases, strategies are dictated by a persons inexperience. In other cases, detailed study goes into designing and implementing a successful plan. Do you believe business strategies should be based on strategic thinking? Why? Explain by providing a scenario to illustrate your answer.
The speed at which companies are expected to operate in the business world sometimes puts strain on the operations of the companies. In order to remain competitive, companies are required to constantly adopt newer technologies, upgrade infrastructure, and train employees. Providing examples, discuss why keeping up with technology while balancing management of operations and business processes can become difficult in terms of corporate decision making.