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MANAGEMENT THEORY ANDPRACTICE[Document subtitle]
1Introduction It has been observed that the organizations undergo various changes in the organization in order to attain a sustainable competitive advantage and also maximize the profitability by offering high-quality goods and services to the clients. Further, the theoretical concepts have a great impact on the practices of strategic management of an organization. The organization i.e. Carnegie Technology is in the news over the past few years. Furthermore, the organization put together the brightest and the best in order to challenge the creation of real and status quo, the products of communication which generates revenue which further takes the advantage of fundamental movements in the technology of communication in the ecosystem. Further, the application of theoretical concepts are being discussed to the strategic management practices along with its critical evaluation, and the suggestions are made accordingly. Application of Theoretical Concepts to the Practices of Management In this section, the application of theoretical concepts to the management practices of Carnegie Technology will be discussed (Hill et al., 2014).Industry attractivenessThe industry attractiveness highly impacts the performance of the organizations to a great extent.Further, the industry attractiveness forced the Carnegie Technology in order to perform the efficient and the effective scanning of the environment. This helps the organization to understandthe various strategies and the recent trends of other organizations in order to compete with them. Also, the industry attractiveness helps the organizations to understand the policies of the functionality, and as a result, it impacts the operations and the activities of the organization to a
2great extent. Therefore, Carnegie Technology has founded 20 years ago but still the organization has not taken the complete advantage from the market attractiveness.Resource based viewIt has been observed that the resource-based view of an organization, the strategies are being defined as contingent in order to have the effective and efficient human resource for the implementation. Further, the resource-based view helps the organization to identify the requirement of resources and the capabilities which are required by the personnel in order to fulfill the vision and mission of the organization. Moreover, this theoretical concept helps the organization to identify the core competencies which further helps in performing operations accordingly.Competitive advantageIt has been observed that the competitive advantage only takes place when the company developsor acquires the various attributes which further enables the organization to outperform. Furthermore, the attributes include natural resources, highly skilled and the trained personnel, etc. Moreover, the competitive advantage is being defined as the important determinant of the performance and helps in achieving the sustainable competitive edge for a longer period of time. The competitive advantage is being defined as the foundation of an organization (Morris et al., 2015). Also, it enables the organization to lead the market with its potential.
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