In Cynthia Montgomery’s the book “The Strategist”, she explains that becoming a strategist is an essential component of a leader, and this book provides a strategic framework where it is easy to understand. Throughout the book, she emphasizes that a good strategy starts with a strategic leadership, a compelling purpose, and a system of value creation, and she believes that a leader and a strategist in inseparable. I agree with this because a leader guides the company to find its purpose and mission, and this is what a strategist is good at as well. Therefore, a leader should be a strategist who apply strategic management in its corporations or organizations. Throughout the book, Montgomery illustrates many real life examples regarding to the importance of strategy plays in the success of a business, such as Masco’s failure in its expansion through furniture manufacturing. She also emphasizes that a strategist or a leader must understand the purpose of a company exist in order to success. Then, she analyzes practical models such as five forces to help the reader understand how these model connect to strategy as a whole. Her “Strategy Wheel” framework is a viable tool that could help the business leader in developing their strategies. Through many business cases that Montgomery explains such as Masco, Ikea, Walmart and Gucci, these cases are an excellent …show more content…
Referring back to the IKEA’s example, when the company has a mission and purpose, it gives the employees a sense of purpose as well, and believes in themselves that they are able to make a difference. I think that a great manager help employee to understand the company’s mission and purpose that is directly related to the individual’s responsibility, and assists employees find a connection between company’s value and their own. Hence, a good strategy supports company’s purpose and makes the corporation became a company that
Prior to analyzing the characteristics, specifically the knowledge, skills, and abilities required by strategic leaders, this paper will briefly discuss the concept of strategic leadership and later explore those attributes that best characterize the s...
Thompson, A. A, Jr., & Strickland, A. J. III (2003). Strategic management: Concepts and cases (13th ed.). New York: Irwin/McGraw.
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.
Strategy is the most important factor in leading a business. Business Strategy is defined as “the intelligent allocation of limited resources through a unique system of activities to outperform the competition in serving customers” (Horwarth 28). In Rich Horwath’s book “ Deep Dive” he provides us with key principles and concepts of strategic thinking. The three disciplines of strategic thinking consist of 1) Acumen: which is generating general insights through a step-by-step evaluation of your business and environment 2) Allocation: focusing your limited resources through strategic trade-offs and 3) Action: implementing a system to guarantee effective execution of strategy at all levels of your organization.
Dess, G. G., Lumpkin, G. T., Eisner, A. B., & McNamara, G. (2012). Strategic Management: Text & Cases (6th Ed.). New York, NY: McGraw-Hill.
Every entrepreneur and business owner have the same dreams to own successful businesses, revolutionize the marketplaces, and develop high quality life for each generation. Leaders are trailblazers in their companies and no one know the internal structure and company current situations like they do; therefore, they have responsibility to think deeper for their companies’ strategies. As Cynthia Montgomery illustrates in the book, The Strategist, “A great strategy is more than an aspiration, more than a dream: It’s a system of value creation, a set of mutually reinforcing parts. Anchored by a compelling purpose, it tells you where a company will play, how it will play, and what it will accomplish.” An appropriate strategy is the most important
The leadership effectiveness depends upon the leadership style that is most compatible with the motivational need of the followers (Maslow, 1954).Strategic leadership involves developing strategies and empowering people to put those strategies to work throughout the organization. This includes knowing the firm’s strategic direction, aligning the strategy with the firms culture, communicating and modeling high ethical standards, and when necessary initiating changes. The link between strategy formulation and strategy execution is described as effective strategic leadership. And the exertion of effective strategic leadership isn’t always easy. Leaders have leadership styles that are distinctive of themselves. A style is described as consistent
Ted Baker is a public for Profit Company that is in that deals with apparel. The company is a multinational company with various branches in different countries and its headquarters in the United Kingdom. The industry the company operates in is the apparel industry. Ted has various stores that have an international presence. There are 185 stores in Europe, Canada, and the USA has 97, Asia and Middle East have 64 and Australasia have nine concessions and stores. Strategic planning is essential in the efficient running and direction of activities to meet set objectives. Strategies that company uses are mostly the “means by which the” company “achieves its objectives” (Morden, 2007). The strategy was further defined by Mintzberg (1987) as consisting of five Ps, which are perspective, plan, pattern, and positioning. Perspective, in this case, is the basic idea or concept and how it is executed, plan directs or guides the activities in an organization strategically; the pattern is the way decision-making is done in a consistent manner and position entails the company’s placement in a competitive environment. Economists have used game theory, which was used by the Chinese in battle planning, strategically. They have developed economic principles using the game theory. Strategic management follows the same technique that is used in
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard business review, 86(1), 25-40.
Colin Gray’s, The Strategist as Hero, attempts to provide broader context of the nature and struggles of the strategy profession. Gray offers two relevant assertions for the practical strategist: a single general theory of strategy has value, and that a general theory of strategy educates the strategist to assist in finding solutions to present day challenges. Both lay the foundation for Gray’s overarching theme that to devise, sustain, and conclude purposeful behavior is very difficult, and a heroic, endeavor.
“Strategic management analyses the major initiatives taken by a company’s top management on behalf of owners, involving resources and performance in internal and external environments”. There are many well known strategists for strategic management.
Business strategy is the means by which firm’s plans to achieve its goals and objectives. It can also be termed as organization long-term planning. The strategy covers periods between 3-5 years and sometimes longer. Businesses use two major types of strategy, general or generic and competitive strategies. The overall strategy involves strategies of growth, globalization and retrenchment. The competitive advantage includes low pricing, product and customer differentiation. We will look at the business strategy used by Marks and Spenser (Cole, 1997). The company is a British multinational located at Westminster London and specializes in clothes and luxurious food products.
The role of managers is to ensure that the performance of the organisation is aligned with attaining the goals and objectives of the organisation, by taking necessary steps to ensure that the work (outputs) of an organisation are also aligned with the overall objectives and goals. Organisation Managers’ sets and projects target that are designed or aim to achieving the objectives that are aligned with the mission of the organisations. This also acts as guidance to staffs, which provides the staffs the sense of direction of the organisation.
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard business review, 25-40.
That reminded me from the case study the director how to plays round of the company to succeed this Colombian Memorial Hospital. External control view of leadership, situations in which external forces where the leader has limited influence determine the organization 's success. Strategy, the ideas, decisions, and actions that enable a firm to succeed. competitive advantage firm 's resources and capabilities that enable it to overcome the competitive forces in its industries. Operational effectiveness, Performing similar activities better than rivals. Intend strategy, strategy in which organizational decisions are determined only by analysis. Realize strategy, strategy in which organizational decisions are determined by both analysis and unforeseen environmental developments, unanticipated resource limitations, and changes from managerial preferences. Strategy analysis studies of firms ' external and internal environments, and there with organizational vision and goals. Strategy formulation, decisions made by firms regarding investments, commitments, and other aspects of operations that create and sustain competitive advantage.