Charateristics of Strategic management with examples

In October, 1998, Citicorp and Travelers Group completed their $70 billion nuclear fusion, joining these ii companies argoting, brokerage and insurance services to form the largest corporate merger in history. Citicorp, the second largest commercial commit in the unite States and the worlds leading distributor of credit cards tied a knot with Travelers Group, a financial conglomerate that offered insurance and coronation banking services. The merger between the two created CitiGroup, a one-stop financial frequent that services everywhere 100 million customers in over 100 countries. This merger marked the beginning of a strategic transformation within the financial services industry in US. All organic laws are faced with the challenges of such strategic developments: few from the desire to grasp the new opportunities such as the supra stated mergers, or others to overcome significant problems. The marges system and strategic management are very important for both organization and are different from other organizational challenges tasks and decisions.

This condition deals with the issues that are strategic in an organization. The characteristics that are associated with the word strategy and strategic management can be understood employ the above example and other related examples.

*Long term decision: Strategy is concerned with the long term way of an organization. The Citicorp- Travelers merger set the company on a runway of a one stop financial shop.



By combining the resources of Citicorp and Travelers Group, Citigroup as a single firm provided a steer to increase its customer base. The merger gave the company an opportunity to cross-sell their bank/insurance services to its new customer base acquired from the merger. another(prenominal) long term decisions taken by a bank can be regarding technology, expansion of geographical coverage, adding new slant channels etc.

*Range enhancement: Strategic decisions are ordinarily about trying to achieve some advantage for the organization over competition.

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