What is Strategic Change?
Strategic change refers to the process of altering an organization's strategy in order to adapt to new circumstances or to pursue new opportunities. This can involve changing the way the organization operates, the products or services it offers, or its target market. Strategic change is often necessary in response to external factors such as changes in the competitive environment, technological advances, or shifts in customer preferences. It can also be initiated internally in order to pursue new growth opportunities or to address challenges within the organization.
Implementing strategic change can be a complex and challenging process, as it involves aligning the organization's resources, processes, and culture with the new strategy. It may also involve overcoming resistance to change from employees, stakeholders, and other parties who may be affected by the changes. Successful strategic change requires careful planning, effective communication, and strong leadership to guide the organization through the transition.
A restructuring of an organization's business or marketing plan that is typically performed in order to achieve an important objective. For example, a strategic change might include shifts in a corporation's policies, target market, mission or organizational structure.