Analysis of Juicy Couture and a Review of Their Strategic Decision Essay

Analysis of Juicy Couture and a Review of Their Strategic Decision Process in the Changing Market Environment - Essay Example Understand and evaluate the reasons for changes in strategic decisions of Juicy Couture Company Compare the strategies of Juicy Couture Company with other companies Evaluate future strategic directions for the company. Initial Review of Relevant Literature Literature review is an important element of a research study. It is often considered as the foundation of a study. The literature review for this study will be carried out with the help of data from different sources. It will involve in-depth review of the theories on the importance of strategic decisions, which is portrayed by the scholars, in a competitive market environment. The literature review will discuss the origin of strategic decision making and its evolution with changing business environment. The study will also discuss why strategic decision making is important for the success of product innovation. Actions and decisions make the core of the strategic decision-making as well as implementation process. Strategic decisi ons can be considered as rational knowledge application to a problem. It includes finding answers to critical business questions such as different alternatives and consequences of the same. It also analyses the desirability of these consequences and applied criteria for the evaluation of various alternatives. In case of structured problems, a rational solution may be sufficient. But highly unstructured problems require specific solutions brought in only by strategic decisions. Porter (1996) has rightly emphasized that operational effectiveness cannot be considered as strategy. In other words, strategic priority is important for every organisation. According to Prahalad and Hamel (1990), realisation of core competencies can be one of the strategic priorities. According to... As the report declares literature review is an important element of a research study. It is often considered as the foundation of a study. The literature review for this study will be carried out with the help of data from different sources. It will involve in-depth review of the theories on the importance of strategic decisions, which is portrayed by the scholars, in a competitive market environment. The literature review will discuss the origin of strategic decision making and its evolution with changing business environment. The study will also discuss why strategic decision making is important for the success of product innovation. This paper stresses that actions and decisions make the core of the strategic decision-making as well as implementation process. Strategic decisions can be considered as rational knowledge application to a problem. It includes finding answers to critical business questions such as different alternatives and consequences of the same. It also analyses the desirability of these consequences and applied criteria for the evaluation of various alternatives. In case of structured problems, a rational solution may be sufficient. But highly unstructured problems require specific solutions brought in only by strategic decisions. Several studies have confirmed that innovation is the forward step for the companies in order to survive in the market place for a longer period of time. The review on literature will also help in analysing the future scope for the company their effective use of strategies for making their innovations successful.