INNOVATIVE TRENDS & QUALITY IN STRATEGIC LEGAL MANAGEMENT Lakshmi Priya Vinjamuri ABSTRACT The emerging trends in science, technology and the rapidly shifting terrain of globalization of businesses and the ensuing legal provisions necessitate the legal fraternity to understand and adapt to the consequences of development in science and technology and thus enforce strategic planning of legal framework on par with the international standards.
In the high risk-high return, high exposure- high investment, innovation driven economy, strategic delivery of products is very crucial and legal modalities such as mitigation, analysis, due diligence, auditing, drafting and negotiations need to be strategically planned and executed. The rise and growth of awareness of Intellectual property rights, especially, patents and copyrights protection while strategically delivering value and returns to the organisations or firms a thorough understanding of legal risks, mitigation strategies and strategic quality legal analysis becomes quintessential.
INTRODUCTION The strategic legal management is the new yet to emerge and nascent area of management that facilitates and promotes quality law services and legal environment. The quality trends in law start from the conduct of drafting, implementation and evaluation of cross-functional decisions that include negotiations, litigation management, intellectual property management, policy development, statute amendments and thus focusing on the vision and mission of the legal fraternity, that is to be considered as an organisation in itself from the management perspective.
The paper while is an attempt to create awareness on the requirement for strategic quality management in the legal arena, that can be considered as a service industry from the functional view point. The paper also highlights the innovative trends in quality legal management through Strategic IP Value Creation, Strategic Licensing & Technology Commercialization, Strategic IP Enforcement, IP Acquisition & Inbound Licensing, Strategic Marketing of Ideas, Brands & Capabilities…. ot just products & ICT Strategic Services. CONCEPTS IN STRATEGIC LEGAL MANAGEMENT In the global economy, the legal fraternity in general and the Indian legal institution in specific must enhance their capacity for development in presentation, communication and technology besides promoting innovation, thereby, enabling the continuous creation of additional value for clients, lawyers and judges.
The Indian judiciary, in a nutshell, is in need for a strategic and quality enhancement of its resources to foster a sense of reality and trust in the institution and create awareness of its importance to the public at large and the institution in specific. For that reason, introduction of various aspects that include • Awareness on the importance of justice Creation of viable and quality resources for enhancing the skills of the judicial components ( the lawyers, the drafters and the judges) • Management of the databases for faster retrieval and documentation • Development of innovative technologies by utilizing the results of advances in technologies in the most productive manner to facilitate faster judgments • Creation of an environment for competitive trends in creation of new products and services • The management of legal technology and innovative trends that aim to maximize the cost-effectiveness of investments in technology development and ultimately contribute to the legal enterprise value. • Strategic IP Value Creation Strategic Licensing & Technology Commercialization • Strategic IP Enforcement • IP Acquisition & Inbound Licensing • Strategic Marketing of Ideas, Brands & Capabilities • Strategic quality analysis using a balanced scorecard New technology is a key factor for the success of both companies and nations. Through active investment in the legal technology and its advancement, many developed nations have succeeded in generating new technologies and innovative strategies to deliver some rather distinct and landmark judgments, create a value and importance to the judicial proceedings thereby promoting law as a distinguished and much sought after profession.
However, the challenge was to capture the value from the legal technologies that have sprouted and utilise them to the best of their ability as it is also important to have strategically useful technology to ensure effective performance of the technology. Research suggests that the relative R&D performance of legal firms is on a rise though the quality of the research is debatable. DISUCSSION ON THE VARIOUS ASPECTS OF STRATEGIC CREATION OF QUALITY IN LEGAL MANAGEMENT The awareness of the importance of justice and environmental justice in particular can be created by drawing upon the realms of academic investigation, government and public policy, sociology, healthcare and the philosophy to unite environmental awareness with the quest for social justice.
Generation of a sense of responsibility to promote awareness and fairness when dealing with issues of environmental quality, social justice, technological innovations and their utility, legal implications in and justice in less treaded areas of human rights, consumer awareness, tribunals and international laws and procedures can be facilitated by innovative and strategic legal management by creating forums and workshops on these crucial areas of immense ignorance yet importance. Some of the areas where the need for awareness is rampant and there are many issues, dilemmas and undiscovered areas include environmental racism and civil rights i. e. the targeting of certain communities for undesirable land use, from environmental equity characterized by a complexity of cultural norms, rules, regulations, behaviours, values, policies, and decisions leading to the promotion of sustainable communities and the realization of high potentials, or contribute to the degradation of environments by impeding communities from enjoying quality social, political, and environmental health.
Emphasizing the importance of promoting an understanding of the central issues of race, income, intent, pollution control versus prevention, positivism and participatory research, and top-down versus bottom-up perspectives of investigation, public awareness, understanding of environmental issues and concerns, comprehension of the various Intellectual property laws and constitutional provisions. Many conferences over the years have contributed to the organization and dissemination of information vital to the growth of the environmental justice movement but the awareness of information related to such educational and informative content are crucial to the strategic management of legal resources thereby providing quality legal information. Creation of a good and effective legal suggestion system and implementation of the key areas that are highlighted to promote and improve in their services induce the confidence and boost the morale of the legal fraternity.
Unprejudiced implementation of ideas and security for the position and financial stability are the key areas which need emphasis in the Indian legal system as these are very sensitive and challenging aspects the mar the systematic and effective functioning of the legal system. Effective and quality human resource management is another application aspect of effective quality legal management. The different aspects of strategic quality management that need to be thoroughly understood and applied to create an effectively efficient quality legal management system include financial strategy, basic business strategy, research strategy, and most importantly a wage system based on ability. A quality feed- back system with a creation of an understanding and awareness of the overall direction of the legal organization in particular and the legal system in specific, as there is nothing general about a judicial unctionary, and the importance of reinvesting the profits of knowledge and finance to promote further growth and technological advancement is crucial to the growth of a technologically savvy judicial system. The different steps that need to be strategically adhered to and followed include strategy formulation and strategy evaluation covering the various aspects of suitability, feasibility, acceptability by applying and analysis the various strategic management theories such as the Growth and portfolio theory the marketing revolution theory, the Japanese challenge, competitive advantage theory, the concepts on strategic change and information, technology and knowledge driven strategies.
Therefore, legal strategic management is an ongoing process that evaluates and controls the clients and the judicial system in which the legal process is involved. It assesses its international competitors and sets goals and strategies to meet all existing and potential competitors in terms of quality and time efficiency and then reassesses each strategy annually or quarterly [i. e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment, a new social, financial, or political environment. Omron’s philosophy is “Let machines do what machines can do and humans should enjoy the activities in more creative field. ”
In one word, “automation” is the value that has been ever-present in our minds as we have contributed to society since the foundation of Omron. Globally, Omron strives to achieve “Kyouso” (collaborative innovation), whereby we work to create new and better things with other people and organizations. In this activity, we recognize the importance of “Wa” (harmony) with partners. With this in mind, there are two key points in conducting successful collaborative activities. The first is “open minded communication. ” For truly valuable output from collaboration, sharing values and visions with each other is important. The second is “finding the right partner. ” For the best achievement, partnering with the top people is strongly expected.
In order to have the best association, we must be aware of the need to manage ourselves to raise ourselves technically and ideologically to communicate with the top people. This concept is applicable to the legal research and innovative trends and quality value creation in legal management. Research and legal research in specific is the effort to create something that has not existed in the world before. The value of this research is shared with society only when its achievements are presented to society as a new beneficial product. However, researchers need to have their own “will” and “strategy” to accomplish this task. Such “will” is the sense of what each researcher can accomplish and how to match the value of that accomplishment to societal needs.
No matter how deeply the researchers pursue a technology, especially in the legal perspective, if this technology does not become a commercial product, the achievement does not have any value. And the “strategy” is how each researcher overcomes a lot of hurdles and obstacles in order to achieve the will. To facilitate the development of such a mindset among each and every researcher, as an example, poster sessions have to be facilitated in the legal institutions and universities with many young lawyers periodically to discuss each researcher’s “will” and “strategy” with their supervisors, colleagues, and researchers from different fields in the study of law. All products, legal products alike have a lifecycle, namely introduction, growth, maturity and decline. Each of these stages has its own strategies.
The introduction stage involves launching new legal technologies one after another in a very proactive way. Key to this is a system of continuous innovation through which R&D activities are pursued based on the customer’s perspective. The conventional approach to product introduction is a process of basic research, applied research, development, commercialization, and finally sales and distribution. The client requirement and perspective are an index to denote and foresee a paradigm shift is on the horizon and legal products, which need continuous and quality improvisation have to be managed with a keen market insight, changing trends in the international legal scenario, legal advancements in oth technical and technological perspective and an effective synchronization of the technology and market or more specifically an interrelated process of steps consisting of market insight, concept/basic design, detailed strategic design, product production and redesign, and sales and distribution. During a product’s growth stage, profits are obtained for innovative products, keeping in view that legal service products could range from the software applications, the customised ERP’s and legal drafting tools, but the difficulty is that innovative products are not found so frequently. Hence, it is important that business activities are maintained between the launch of innovative products. Finally, for the maturity stage, the aim should be market dominance. The biggest variable here is cost: where the cost is lower, there is survival, and where the cost is higher, products will lose to competitors.
Internally, both company leaders and researchers must be able to manage human resources. Yet, when it comes to management, there are many different conceptions. To achieve goals critical to the company’s focus we need to promote the cooperation and participation of employees. Leaders must possess the ability to motivate employees quintessential to management. Legal management is strategic leadership management, risk management and personal management. Therefore a combination of the right research and the right experimental design is needed to reach effective and realistic and just conclusions. Various risk factors will have complicated interactions and result in different combinations of exposure and deliverance of justice.
Actively proactive checks are an essential pre-requisite for the efficient functioning of the judiciary and any miscalculation in the legal process and product during development is bound to have disastrous results. An internationally agreeable and integrated perspective will help meet the challenge of rendering justice through innovative technological advancements thereby allowing for new possibilities and opportunities in the quantification of justice. The need for education and awareness of issues of judicial and legal quality and the rights all individuals are entitled to is one of the early steps towards strategic legal management of the resources. In today’s world, there is inequality in all spheres and in all levels.
Right to information and information being delivered to all is one important advancement that can be achieved through legal process that is technologically advanced, for instance through a world-wide network of legal functionaries working towards creating an awareness to the provisions of the law and international issues that affect the sustenance and quality of life. To quote Aristotle, the distinction between the absolute and relative inequality is put into practice with “equals treated equally, un-equals unequally. Relative inequality simply recognizes the differences inherent in human individuality. ” STRATEGIC QUALITY LAWYERING: DRIVING VALUE & MANAGING RISKS IN THE INNOVATION ECONOMY In the “high risk high return” innovation-driven technology economy (the so-called “bio-nano-info” trilogy), high risk exposure is accentuated and there is also a high uncertainty in the returns on investment.
The deliverance of strategic value to avert or mitigate strategic legal risks, lawyering cannot be restricted to quality legal analysis and tight document drafting but the businesses must understand strategic legal risk issues in order to deliver strategic value and to protect its assets, especially intellectual property (IP) rights like patents and copyrights. The constantly shifting terrain of science, technology and globalization forces businesses and their legal advisers to understand the legal consequences of developments in science and technology but also think strategically to blend visionary business strategy with legal positioning buy acting proactively to protect their stakeholders’ interests through effective strategic legal and business risk management framework, structures and processes within the larger strategic business context. This is the ssence of strategic lawyering – the big picture positioning, understanding the macro legal risk landscape and developing strategic plans to avert if not to mitigate strategic legal and business risks. Focusing on the ICT, e-Security and Biomedical industries, strategic legal risk management, intellectual property value extraction, technology strategy development and innovation management with a global focus in general and Indian focus in particular are being necessitated. STRATEGIC IP VALUE CREATION Enterprises with an exploitable portfolio of intellectual property assets are better positioned for market dominance and the predominant shift towards the knowledge-based economy facilitates enterprises with a strong portfolio of intellectual assets to have a much greater chance of securing profitability.
Intellectual asset management is about designing a structured framework at the enterprise level to manage intellectual assets in a manner that enables the enterprise to extract commercial value of its intellectual assets particularly its intellectual property rights. New strategies, tools and techniques have evolved to allow intellectual assets to be exploited optimally for revenue generation and to build shareholder value. A key aspect of innovation management is the legal protection of ideas through intellectual property rights management and legal enforcement a service to corporations, governments, international organizations, trade bodies, industry associations and other organizations focusing on strategic IP value creation.
The creation of an innovative and intensive Strategic Management of IP Assets Program Aimed at industry players and policy makers dealing with the various aspects of how IP assets can be leveraged as a tool for competitive advantage for enterprises and nations; Identification of key economic, legal & business issues in the design, development and management of strategic IP policy at the both the corporate and national levels; Introduction to key legal concepts in the protection and management of digital IP assets including auditing of government IP assets in e-government projects; and a general Outline key legal & business risk management principles that organizations should adopt as part of their IP asset management policy could be very effective to have a comprehension of the creation of IP asset. STRATEGIC LICENSING & TECHNOLOGY COMMERCIALIZATION
In today’s innovation-driven technology economy, intellectual property rights (for example: patents and copyrights) and brands in technology assets are a business’ most valuable asset. But the commercialization of such technology and IP assets is much more complicated than the commercialization of “traditional” goods and services. And strategic licensing is the key to successful commercialization strategies and legal assistance to governments and organizations to comprehensively address end to end issues in technology commercialization, especially newer ones, from R&D to market create a large scope for value creation in strategic licensing and commercialization in industries such as electronics, computing, telecommunications, biotechnology and pharmaceuticals.
By licensing their intellectual property to other companies better positioned to penetrate certain markets, firms can fully utilize technology assets when they may not have the resources to do so on their own to develop a: • Technology commercialization strategy • Strategic IP management program • Strategic licensing program STRATEGIC IP ENFORCEMENT A strategic preventive approach coupled with strong political will that can be developed by forming strategic partnership with the authorities is also an imperative in combating piracy in the longer term. The Strategic IP Enforcement services include: • Strategy development for IP enforcement including intelligence, communication and prevention • Strategic government engagement in IP enforcement • Third party advocacy programs Development of software asset management programs • Market study of piracy losses • Review of legal framework with a view to strengthen the IP protection framework • Tracking, investigating, and dismantling counterfeiting operations in the region focusing on manufacturers, suppliers and financiers • Leading major investigations and prosecutions against internet-related offenders, across a series of threats related to counterfeiting, spam, viruses, worms, and other malicious software code IP ACQUISITION & INBOUND LICENSING Acquiring IP and technology, especially strategic ones, can ramp up an organization’s IP value creation program.
This would require careful study of technology and IP opportunities on a global basis to develop windows of business opportunities that can be seized through IP or technology acquisition by • Building relationships with research group, university technology transfer groups, start-ups and others, to source advanced technology IP opportunities. • Finding and evaluating patent acquisition opportunities that could help fill potential future product gaps • Helping plan and prioritize intellectual property technology acquisition areas. • Evaluating candidate technologies for acquisition, licensing and investment. • Working with the client company’s IP business and legal teams to execute transactions. STRATEGIC MARKETING OF IDEAS, BRANDS & CAPABILITIES….
NOT JUST PRODUCTS Strategic legal planning and strategic marketing services for companies, government and organizations and help conceptualize, develop and implement strategic outreach campaigns for their ideas, brands and capabilities which are at the heart of products and services by developing engagement strategies to “market” ideas, policy postures, specific capability building programs of companies and governments that meet the needs of the high technology community, and the broader public interest such as : • Government Engagement Programs • Industry affairs programs • Development of the plans, policies, communications tools and strategies supporting the government and industry affairs mission including o Issues Management Outreach activities to help oversee outreach efforts with policymakers, staff, advocacy organizations, trade associations, multi-lateral organizations and industry partners to promote greater understanding of technology policy issues o Work with the PR team to help develop a program to effectively communicate the company’s or government’s commitment to the communities in which they live and work. ICT STRATEGIC SERVICES The ICT sector continues to drive new value in this innovation-driven technology economy. Driven by new and defining issues like software-related patents and business methods patents, patent issues are redefining strategic value creation in the ICT sector through legal risk management program that focuses on value creation through strategic licensing and strategic risk management with an emphasis on e-security and legal liability risk management. STRATEGIC LEGAL MANAGEMENT (SLM)
Like the business-side improvements in recent years, strategic legal management is a process in which law firms or corporate legal departments set important goals and objectives and then map legal plans and strategies to achieve those desired outcomes. A good SLM system allows executives to assess the return on the company’s investment in legal services, just as they evaluate the return on other kinds of business investments. The corporate law department thus becomes an important weapon for achieving corporate objectives, rather than merely an administrative cost centre. Predictable, experience-based strategic legal plans, and budgets based on those plans, identify an organization’s strengths and weaknesses and better prepare it for opportunities and threats that may come up in its legal and business environment.
This is true whether the organization is a corporation or its outside law firm. In the traditional work process, still in use by the vast majority of law firms that provide legal services to corporate law departments today, the firm • Performs the legal work; • Provides the bill some time later; • Awaits review and approval, while perhaps dreading a profit-jeopardizing legal audit; • Discusses what has been done, but usually only if the client questions the bill; • Tries to justify that the work was worth the cost, often on some subjective standard; • Decides whether to reduce the statement and by how much; and • Receives payment on the bill, usually 60 to 180 days after the work has been performed.
The flow of events is very different for law firms and corporate law departments when they apply SLM whereby, the firm • Keeps the focus on the future, so lawyers anticipate events months in advance and make plans accordingly; • Adds value by encouraging communications primarily about strategy, objectives and results; • Allows law firms and corporate counsel to budget with greater precision; • Encourages corporate counsel to approve work to be done before the law firm invests time; • Results in fewer billing surprises, so bills get paid more promptly, thus cutting down on the law firm’s receivables; • Makes legal audits unnecessary or relegates them to the status of compliance reviews; • Reduces or eliminates the need for law firms to reduce bills or write off time; • Makes the bill review process more automated but far more informative; and • Forces counsel to look at the big picture, which is the very essence of macro-management. Before a law firm can realize the promise of SLM, it must understand the approach and justify the additional personnel, technology and financial resources that successful implementation it requires.
When law firms apply proven strategic management principles to law, productivity rises, and the quality of the legal work they perform improves. The firm can identify what works and what does not and then focus resources on what is effective. The lawyer-client relationship is strengthened because better communications on important topics takes place sooner. Applying the teachings of the quality movement to the rendition of legal services eliminates unneeded work on subjects of marginal benefit. Writing off time is virtually eliminated. The bill payment process is accelerated. Little or no unproductive time is required for legal audits. The result: less frustration and greater trust on each side of the lawyer-client relationship.
HOW DOES SLM WORK? It is possible to identify four levels of SLM. In each the corporate client begins with the industry– approved task codes or a customized task– tracking and billing system that organizes outside law firm bills and makes them more coherent. The primary differences among the levels relate to what a law firm or client plans to do with the data generated from their lawyers and how sophisticated it wants to become in managing the legal function. A. LEVEL ONE (BASIC PORTFOLIO ANALYSIS) At the basic or level one, the task codes are used as convenient buckets into which to pour raw, usually hard-to-interpret, legal billing records.
This includes, as with any other portfolio analysis, the identification of the activity performed and who performed it, aggregation of the costs and a rough calculation as to whether the activity was worth the effort. This exercise converts un synthesized, difficult data into meaningful information. This information is useful as a historical analysis of billing information to support informed decision making in the future. Nearly all law firms have the basic tools to enable them to act at level one, although most have yet to access or interpret the data available to them. Level one SLM is perhaps most easily understood in the context of repeated, high-volume and roughly similar legal situations. For some corporate clients, this might mean workers’ compensation cases; for others, patent prosecutions; for others, antitrust matters.
For financial institutions, the context might be pursuit of bad loans; for some conglomerates, mergers and acquisitions portfolios. Class action litigation and bankruptcy practice, both of which require court approval of legal fees, are especially amenable to level one principle. B. LEVEL TWO (BEFORE THE FACT) Strategic management becomes more powerful when it encourages or even requires corporate legal department and the company’s outside lawyers to engage in before-the-fact planning. At level two, the corporate legal department applies its historic experience to future legal plans, enabling it to see the return on its investment in various legal activities and to evaluate whether the results achieved are worth the expense.
The corporate legal team goes beyond basic portfolio analysis and begins to direct its investment in various legal activities in different directions for the purpose of achieving desired outcomes. Several commercial products are available to help attain level two performances particularly when billing data are transmitted electronically. The best products analyze billing data, separate invoices by project or case, compare invoices to budgeted costs, contrast the practices of various outside counsel to uncover inefficient processes or over-billing and allow the corporate client to redirect legal expenditures to achieve strategic goals. C. LEVEL THREE (CLOSED LOOP OUTCOME MODELING)
At level three, the process is (1) interactive, meaning that both the client and the law firm participate in the strategic planning process; (2) dynamic, meaning that both the client and the law firm can modify the strategy when the occasion warrants; and (3) closed loop, meaning that the legal team can draw on past experience-by law firms or across the legal network-to produce better outcomes and better strategies for future legal matters. D. LEVEL FOUR (THE LAW FIRM) There are not many reported examples showing SLM in action in law firms. In the years ahead, however, it is the law firm that may stand to gain the most from SLM approaches. There are enough isolated cases to suggest that when law firms do adopt these approaches, the potential is great.
Firms are increasingly finding that the time is right to begin, as there are proven tools to get the job done, more historical data on what needs to be done, more consultants who can help the process along and more recognition and rewards from the corporate community for acting. When they do so, SLM no longer is seen suspiciously as another billing system imposed by clients simply to cut costs. Instead, it becomes a management tool to improve the quality of the work performed as well as a system to train and reward lawyers. The almost certain result is a substantially improved working environment and a rise in revenues. When law firms use level four SLM: They write off less time, usually reducing it by 50 percent or more; Their gross margins are enhanced because bills are paid faster; Their concerns about legal audits are marginalized;
Their use of more profitable alternative fee arrangements is facilitated; They have a powerful tool to evaluate and compensate their professionals, both quantitatively and qualitatively; They can compare productivity against firm medians or other peer groups, rather than only against billable hours; They can point associates to specific areas in which they need to improve to be considered for partnership; and They can plan which departments need more lawyers and which fewer, maximizing billable hours per lawyer; By allowing firms to focus on higher margin alternative fee arrangements, by reducing or eliminating the writing down of time and by speeding bill payment cycle times, level four SLM increases gross margins and net income, while reducing their clients’ outside legal costs.
But, most important, SLM improves both the quality of the legal services and communications between By allowing firms to focus on higher margin alternative fee arrangements, by reducing or eliminating the writing down of time and by speeding bill payment cycle times, level four SLM increases gross margins and net income, while reducing their clients’ outside legal costs. But, most important, SLM improves both the quality of the legal services and communications between lawyer and the client. CHALLENGES Strategic quality legal management in India faces the toughest challenge of acceptability re-enforced to the myopic attitude and resistance to change being manifested by the legal fraternity and clientele alike.
Legal management technology strategy faces the difficult challenge of being target-driven as the areas of legal expertise are vast but there is no systematic development of a “technology platform” as the engine of growth, and there is weak vision and little strategic focus. The application of the Stage-Gate system management technique that separates the innovation process into several stages, each stage consisting of a set of prescribed activities with each entrance to each stage is called a “gate” control the process and serves as the go/stop checkpoint thereby speeding up the product development process and becoming more target-driven. Another crucial challenge of Indian technology strategy is to capture more alue from R. About 80% of Indian patents are never commercialized and the ability to get returns from technological innovations varies between and within industries. CONCLUSION Increasingly, corporations and leading law firms are beginning to apply strategic management principles to the practice of law. The adoption of industry-approved legal task-based billing codes and the availability of new tools and new technology are speeding this evolutionary process. It is only a matter of time before in-house counsel will apply SLM to a significant percentage of the legal work and Law firms must position themselves for such an innovative trend in the judiciary.
The payback on such investments often occurs in the first year and a fivefold, ten-fold or even fifty-fold return in just three or four years, more and more law firms and corporate clients find that the implementation of an SLM system is inexpensive, whatever the initial cost. Companies that select the right people and tools can expect to reduce costs by 20 percent or more. At the same time, law firms using SLM can increase their attractiveness to existing and prospective clients, while improving their profitability by 20 percent or more. Law firms that provide legal services to corporate clients need to be aware of the spread of SLM principles.
The walls of tradition that shield law practice in both corporate legal departments and outside law firms from generally accepted management approaches are crumbling. The legal profession increasingly should and will move away from its traditional “ready-shoot-aim” work process and billing models. The essence of “strategic” thus lies in a capacity for “intelligent trial-and error” rather than linear adherence to finally honed and detailed strategic plans. Legal Strategic management will add little value if organizational strategies are designed to be used as a detailed blueprints for managers. Strategic management is a question of interpreting, and continuously reinterpreting, the possibilities presented by shifting circumstances for advancing an organization’s objectives.
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