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Paths to long‐term performance and strategic planning
Author(s) -
Shin Sang Yoon
Publication year - 2019
Publication title -
strategic change
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.527
H-Index - 16
eISSN - 1099-1697
pISSN - 1086-1718
DOI - 10.1002/jsc.2259
Subject(s) - term (time) , diversification (marketing strategy) , business , sustainability , dimension (graph theory) , process management , industrial organization , strategic planning , marketing , ecology , physics , mathematics , quantum mechanics , pure mathematics , biology
A firm may ensure sustainability by pursuing long‐term performance through one of the three possible paths: adoption of long‐term perspectives within the existing business, extension into a new business and adoption of long‐term perspectives, and jump into the long‐term new business. Considering temporal dimension and business dimension, a firm pursues four types of performance: maintenance, sustainable growth, diversification, and transformation. Explorative strategic planning as well as exploitative one is required for a firm to successfully manage a balanced pursuit between long‐term performance and short‐term one.