What Are Three 21st Century Challenges in Strategic Management?

Dealing with pressure from globalization, acquiring and keeping a strong employee workforce and effectively using social media and technology are three challenges that strategic managers face in the 21st century. Adapting to change and making business decisions that reflect current market conditions helps overcome these challenges.

Globalization has had an effect on businesses as smaller local stores have to compete with larger chains that have the means to charge lower prices. It creates a larger customer base, so companies have to take new target markets into account .

Acquiring and keeping a strong employee workforce has also become a challenge as companies have to choose candidates more carefully to ensure that they fit their business. In addition, there is now a larger pool of candidates.. With more candidates, it is critical for companies to be able to make effective hiring decisions.

Customers can now be reached through social media websites, and technology resulted in new ways to manage supply chains.