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About strategic management
Schools of thought in strategic management
About strategic management
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Evaluate the suitability of the emergent and intended approaches to strategy management for your chosen organisation. Throughout the global economic environment the desire to out-perform the competition is always present. In every situation, the companies who do better are the ones with superior strategy (Rothaermel, 2013). Strategic management is therefore important in every company, no matter what industry or market they operate in; and as stated by M. Carpenter and G. Sanders, 2013, is described as "The process by which a firm manages the formulation and implementation of its strategy". Strategic management is a constant topic under discussion with different schools of theorists with different beliefs and attitudes which is described as "A tense array of disagreement" (Rees, 2012). Many theorists (Lynch, 2003, Mintzberg, 1990, Ansoff, 1991) will argue that the two main schools of strategic planning are the prescriptive, also known as intended, and emergent approaches. Both are debated widely about which is the better approach; recognised best by Idenburg (1993). Prescriptive strategies focus on planning; where predictions of the future are made, leading to long term decisions where the main elements of the strategy have been specially planned before being commenced and as stated by Mintzberg, 1990 "Strategy formation should be a controlled, conscious process of thought". The emergent approach relies on the fact that the outcome of the objective is not known; in contradiction to the prescriptive approach it is not a 'controlled, conscious process of thought' and has been described by Downs, et al (2003) as a trial and error process. The importance of strategy within organisations has been discussed as early as the 1950's with ... ... middle of paper ... ...ring the basic premises of strategic management'. Vol 12 pp. 449-461. San Diego: Strategic Management Journal. Herzberg, F. (1968). One More Time: How Do You Motivate Employees? Harvard Buisness School. Lynch, R. (2003). Corporate Strategy 3rd edition. FT Prentice Hall. Mason Carpenter, G. S. (2013). Strategic Management: Concepts and Cases Second Edition. Harlow: South-Western Pub. Mintzberg, H. (1990). The design school: Reconsidering the basic premises of strategic management, Vol 11, 171-195. Montreal: Strategic Management Journal. Rees, J. (2012). Prescriptive strategic planning in the current economic climate and possible alternative approaches. 1-6. Rothaermel, F. T. (2013). Strategic Management: Concepts and Cases. New York: McGraw-Hill/ Irwin. Sanders, M. C. (2013). Strategic Management: Concepts and Cases Second Edition. Harlow: South-Western Pub.
Wheelen, Thomas L. and J. David Hunger. Strategic Management and Business Policy, 13th Ed. Upper Saddle River, NJ: Pearson Education, Inc., 2012. Print.
Arthur, A., Thompson, Margaret, A., Peteraf, John, E. Gamble, A., J., Strickland III. (2014). Crafting & Executing Strategy: The Quest for Competitive Advantage 19e: Concepts & Cases. C6-C25.
Fast Company,(139), 69-70,73,16. Retrieved from Research Library. Document ID: 1870795761. Wheelen, Thomas L. & Hunger, J. David, (2010). Strategic management and business policy.
Hill, C. W. L & Jones, G. R. (1998). Cases in Strategic Management (4th edition). Boston New York: Houghton Mifflin Company
Wheelen, T.L., & Hunger J.D. (2008) Strategic management and business policy. Upper Saddle River, NJ: Pearson-Prentice Hall.
Additionally, a concept referred to as strategic management is a new way to implement an organization’s strategic plan. According to Crosby (1991), it is possible to develop a strategic plan without giving much thought to the actual management of that plan. However, Crosby (1991) conveyed that it is probably impossible to manage an organization strategically without having developed a strategic plan. Engaging staff in these processes and phases is very important to the success of the plan.
Strategic management is the ongoing process of ensuring a competitively superior fit between the organization and its ever-changing environment (Kreitner, G13). Strategic management serves as the competitive edge for the entire management process. It effectively blends strategic planning, implementation, and control. Organizations that are guided by a coherent strategic framework tend to execute even the smallest details of their mission in a coordinated fashion. The strategic management process includes the formulation of a strategy/strategic plans, implementation of the strategy, and strategic control. A clear statement of the organizational mission serves as the focal point for the entire planning process. People inside and outside the organization are given a general idea of why the organization exists and where it is headed. Working from the mission statement, management formulates the organization's strategy, a general explanation of how the organization's mission is to be accomplished. Then general intentions are translated into more concrete and measurable plans, policies, and budget allocations. Implementation is the most important part of the strategy. Strategic plans must be filtered down to lower levels to be success. Strategic plans can go astray, but a formal control system helps keep strategic plans on track. In the strategic management process general managers who adopt a strategic management perspective appreciate that strategic plans require updating and fine-tuning as conditions change. Given today's competitive pressures, management cannot afford to let strategic plans sit as is. A strategic orientation encourages farsightedness. Sun Microsystems Inc. is one company that developed a strategy to become the competitive leader and become the most reliable in the net business. I will explain how Sun's strategy integrates their marketing, management, technology, and service functions into one effective strategy. First I'll discuss who Sun is and what encouraged them to develop their strategy.
Strategic management is viewed as the set of decisions and actions that result in the formulation, implementation and control of plans designed to achieve an organization’s vision, mission, strategy and strategic objectives within the business environment in which it operates (Pearce and Robinson, 2007). Strategy formulation has for the past decades been widely regarded as the most important component of the strategic process – more important than strategy implementation or strategic control. Nonetheless, strategic planning has taken on new importance in today’s world of globalization, deregulation, advancing technology, and changing demographics, and lifestyles. At the same time, there is also discussion whether we can separate “execution” and “implementation” from strategy formulation. Roger Martin, a professor and author, has joined the discussion and argue
Hitt, M., Ireland, R. & Hoskisson, R. (2010).Strategic Management: Competitive and Globalization, Concept and Cases. Mason, Ohio: Cengage Learning
• Hitt, Michael A; Hokisson, Robert E.; Ireland, RD. Strategic Management. 6th Ed., Masson, Ohio: Souht. Wester 2005.
Generally, strategic management is a set of managerial decisions and actions that determines the long-term performance of a company, involving both internal and external environmental scanning, strategy formulation, strategy implementation, and evaluation and control. According to the study of strategic management, the corporation should concentrate on monitoring and appraising outside opportunities and threats based on an organization’s strengths and weaknesses (Thomas Wheelen and David Hunger, 2012).
Question two part A. Strategy is a pattern in a stream of action. Its form a tangible basis on which to do research into how it forms in organization. Deliberate strategy is the realized strategy to form exactly as intended. For deliberate strategy, the organizations must have precise intentions with a relative concrete level of details. Also, intentions must been common for all actors to achieve the organizational goals and vision. These intentions must not be affected by external environment like political and technology. This strategy has to be implemented fully as intended. Emergent strategy is represented by patterns that achieve by absence of intentions. It seems as response to sudden opportunities and unexpected problem. It is difficult
Stabell, C.B. and O.D. Fjeldstad. (1998). Strategic Management Journal. 19, 413-437. Retrieved November 11, 2006 from EBSCOhost database.
Witcher, B., and Chau, S. V., 2010. Strategic Management: Principles and Practice. Cengage Learning EMEA.
Hitt, M., Ireland, and Hoskisson, R. (2009).Strategic management: Competitive and Globalization, Concepts and Cases. In M.Staudt & Stranz (Ed).