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Theories Of Management
about strategic management
thought / theories of management
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Management plays a significant role in how business operates. Strategic management has improved tremendously the last forty years. The diversity of approaches to the theoretical and practical background of management has come up with versions of what is meant by such key words as management and organization. The academia views expressed in relation to management theories take a different role than that prescribed to managers. Though there are several schools of thought ten dictate the current thinking on strategy. It ranges from the early stage of design and planning schools to the current cultural, learning and environmental Schools.
The design school turns to examine Strategy formation as achieving and creating a match between the internal strength, weakness and the external threats and opportunities of the firm. It was based on the formulation of strategy from a deliberate process that was not formal nor informal, analytical nor intuitive. Within an era of dynamic change, it was unable to keep up to the pace and eventually further research started in trying to address its shortcomings
The planning school
Alongside the design school, the planning school grew in the strategic field. It is quite similar to the design school but argued that the formulation process of strategy was formal. It was grounded on the systems theory of the social sciences
The positioning school
In Sun Tzu’s The Art of War, meaning is given to strategy from a military point of view. It’s the representation of his work that is applied in firms in industries and in the evolution of the value chain analysis and the game theories. Drawing on military history and industrial organisational economies, its main theme was to analyse. Basically, it’s all about the facts and nothing but the fact.
However, critics of this school contend that strategy is just positions through a formal way in which something is placed in relation to its surrounding
The entrepreneurial school
Not actually based on any discipline, some of its writings were borrowed from economics. Its strategic ideas was deeply rooted in intuition, moving strategy to an entirely new field of not clearly expressed vision though the concept of a leader with a vision was making grounds at that time.
The cognitive School
This school of thought saw strategic development as a mental process. It seeks to find out what occurs in the mind of strategists from a psychological point of view. If the strategy models developed in the minds of people, can we get to know how these minds function.
Tovstiga, G. (2013). Strategy in practice: A practitioner's guide to strategic thinking, second edition. Chichester, West Sussex: John Wiley & Sons Ltd. [Books24x7 version] Available from http://common.books24x7.com.ezp-01.lirn.net/toc.aspx?bookid=52875.
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
Wit, BD & Meyer, R 2010, Strategy: process, content, context : an international perspective, Cengage Learning EMEA, London.
The starting point of the strategic management is said to be the DESIGN SCHOOL with an emphasis on process. However this system is entirely based on the SWOT analysis. Swot stands for strength, weakness, Opportunities and Threats. Strength is a show...
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.
In the book, “Good Strategy/Bad Strategy the Difference and Why it Matters,” by Richard P. Rumelt describes the difference between the two strategies by providing different examples. The book is divided in three different parts the first part consists of “Good and Bad Strategy,” followed by the “sources of power,” and the last part consists of “Thinking like a Strategist.” In the introduction chapter Rumelt describes how good strategy looks simple and obvious not requiring much to explain. He furthermore says that such strategies do not come from some tool or chart it is however identified by a talented leader who highlights one or two critical situations. The author says the most important responsibility of a leader is to identify the biggest challenges in order to progress further and find ways to overcoming those challenges. The book is driven by lifetime experience as consultant of organizations, personal adviser, teacher and a researcher. Good strategy is concentrates on solving the problem. However, bad strategies skip problems and focus on multiple conflict demands and interest.
The first portion of the novel is centered on understanding the essence of strategy. The understanding strategy, according to the author, is derived from truly comprehending what strategy
De Wit, B., & Meyer, R. (2010). Strategy: Process, Content, Context, An International Perspective. Cengage Learning.
Thompson, A. A., Strickland, A. J., & Gamble, J. E. (2008). Crafting & executing strategy: The quest for competitive advantage (16th ed.). New York: McGraw-Hill Irwin.
Hitt, M., Ireland, R. & Hoskisson, R. (2010).Strategic Management: Competitive and Globalization, Concept and Cases. Mason, Ohio: Cengage Learning
John G. S., 2008: Strategically thinking about the subject of Strategy [e-journal] 9(4) p.2 Available through:
Strategic management is nothing but planning for both predictable as good as unfeasible contingencies (Anon, 2015). It's relevant to both small as well as gigantic companies as even the smallest institution face competition and, using formulating and enforcing correct approaches; they may be able to obtain sustainable competitive knowledge. It is a manner where strategists set the objectives and proceed about attaining them. It deals with making and enforcing selections about the future course of an organization. It helps us to establish the course in which an organization is moving. It is supported by the system theory of management that states that managers are aware of the different systems in their organizations and how they work. It becomes the responsibility of the manager to blend the different systems together
Sun Tzu was an ancient Chinese philosopher who was known as a heroic strategist. Sun Tzu authored the “Art of War” which was an ancient Chinese book based on military strategies, that significantly influenced Asian history and culture. Five factors made up Sun Tzu’s philosophy of strategies: Moral Ethics, Climate, Terrain, Leadership, and Methods, all need to achieve a victory in battle. By mastering all five factors, Sun Tzu won countless wars. Although, Sun Tzu’s philosophy was based on war, all five factors could apply to a business environment.
Strategic thinking processes will then be assessed, with a comparison of strategic thinking and strategic planning, looking at the similarities and differences between the two. The positive and negative effects that strategic thinking can have on organisational performance will also be described.
Group 6 Strategic Management Strategic management is the process where organization managers reach the goals and aspirations of the organization on behalf of its owners. This is done through formulation and implementation of ways and methods to fulfill the organizational goals and objectives (Brian, 2011). This is done with in-depth consideration of both the internal and external environments that the organization operates in, in order to allow the organization to make the right decisions. Strategic management is an important element that firms must put together through strategic thinking as well as strategic planning (Nag, R., Hambrick & Chen, 2007). In order for a firm to compete within its industry, it must plan and relate to the industry dynamics, determine its strengths and weaknesses before determining the best way to match and overcome competitors.