Alternative Approaches to Strategic Management

Running head: ALTERNATIVE APPROACHES TO STRATEGIC MANAGEMENT
Alternative Approaches to Strategic Management
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ALTERNATIVE APPROACHES TO STRATEGIC MANAGEMENT1
Executive Summary
Strategy development approaches includes a plan that is a consciously intended course action
which is deliberate and remediated with the realised strategies. The report revealed that
implementation of sustainability strategic approach is deemed to provide several competitive
benefits to the companies in thriving harsh competition in the global industry. Moreover, the
objective of stakeholder management approach is to develop techniques to manage relationships
with important stakeholders of the companies. It was also evidenced that dynamic capability was
defined as inherent capabilities of the companies in purposefully an optimally adapt the resource
base of the companies.

ALTERNATIVE APPROACHES TO STRATEGIC MANAGEMENT2
Table of Contents
1. Introduction..................................................................................................................................3
2. Explanation on Three Strategic Management Approaches.........................................................4
2.1. Sustainable Approach...........................................................................................................4
2.1.1. History...........................................................................................................................4
2.1.2. Suggested Benefits.........................................................................................................4
2.1.3. Limitations.....................................................................................................................5
2.1.4. Example of an Organisation using the Approach..........................................................6
2.2. Stakeholder Approach..........................................................................................................7
2.2.1. History...........................................................................................................................7
2.2.2. Suggested Benefits.........................................................................................................7
2.2.3. Limitations.....................................................................................................................8
2.2.4. Example of an Organisation using the Approach..........................................................9
2.3. Dynamic Capabilities Approach.........................................................................................10
2.3.1. History.........................................................................................................................10
2.3.2. Suggested Benefits.......................................................................................................11
2.3.3. Limitations...................................................................................................................12
2.3.4. Example of an Organisation using the Approach........................................................12
3. Conclusion.................................................................................................................................13
References......................................................................................................................................14

ALTERNATIVE APPROACHES TO STRATEGIC MANAGEMENT3
1. Introduction
Strategic management is referred as a process of strengthening and directing a company
in its business rivalry with other companies. The strategic management theories also explain the
success and failure of the companies. Moreover, the actions take by the organisations in
competing is observed to be a significant factor in analysing companies’ performance in
compassion to the business environment within which it operates. Strategic management
approaches implementation varies within each industry and as per the size of the organisations
(Andriof and Waddock 2017). The strategic management approaches facilitates in better
organisational decision making as setting strategic goals of a national business, diversifying into
new markets along with maintaining better cash flow management are aided by strategic
management approaches. Strategy development approaches includes a plan that is a consciously
intended course action which is deliberate and remediated with the realised strategies. The
modern approach to strategy formulation is evidenced to be developed by the management team
as a part of strategic planning process in attaining competitive edge (Barros, Hernangómez and
Martin-Cruz 2016). The objective of the report is to analyse the strategic management
approaches commonly employed by the organisations such as sustainable, stakeholder and the
dynamic capabilities approaches. Implementation of such approaches along with the benefits
attained from it will also be explained through analysing cases of certain organisations.