Keywords: strategic management, business mission, external environmental factors, economic performance, competitiveness, Pakistan, macroeconomics, microeconomics, business performance
Relationship between micro and macro level economic performance: a case for strategic management in Pakistan
It is generally believed that business level performance is difficult to improve in Pakistan in view of the lacklustre macroeconomic performance. While external factors do influence business performance, it is the cumulative impact of microlevel organisational and business performance that also feeds into the macrolevel performance. So, all responsibility for dismal microlevel performance cannot be assigned to the macro economy. While the macro economy does require sound management, the micro constituents too need to be managed according to the modern principles of management that include anticipation and a response to external factors in general and economic factors in particular as an essential component of organisational management. I wish to explore the possibility of a wider application of this organisational management concept in Pakistan so that the micro and the macro aspects of economic life may eventually enter into a virtuous cycle of growth and development.