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Explain knowledge gained in strategic management

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Your family owns a small bakery production unit and an outlet located in your area in the outskirts of Delhi, india established by your grandfather more than four decades ago. The operation has been a very informal family affairs since its establishment but doing a very satisfactory business. The management of the business has been passed down by your grandfather to your father. Your father now wants the business to be run by you to grow the business and to operate it more formally converting it into an established brand after you completed BBA.

1. How can you apply the knowledge gained in strategic management in chapter 1 so far to fulfill your new responsibility?

2. Do you see benefits in running the business more formally than informally as how it was managed for so long?

Reference no: EM132668763

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