Alternative Approaches to Strategic Management Assignment
12 Pages3337 Words109 Views
Added on 2020-03-23
Alternative Approaches to Strategic Management Assignment
Added on 2020-03-23
ShareRelated Documents
Alternative Approaches to Strategic management1
EXECUTIVE SUMMARYStrategic management is demarcated as the art as well as the science of formulation,implementation and evaluation of cross-function decisions that help the organization attaintheir intended objectives. The report seeps through the understanding of different strategicapproaches. The current linear approach in this setting derives up with the different measuresput forth to have the ability to make a feasible accomplishment in the general strategicmanagement. The aim of stakeholder management was to apprehend the concerns ofshareholders, customers, suppliers, employees, society and lenders, in order to establishobjectives that the stakeholders would support. Indeed this support guaranteed the long-termsuccess. Under this theory, four more concepts were developed, i.e., corporate planning,CSR, system and organizational theory. Dynamic capability is the firm's ability to buildintegrate and reconfigure the internal as well as external competencies to tackle theconstantly changing environment. The strategic management is recently inclined towardssustainability. This strategic approach focuses on conserving, protecting, restoration andimprovement in the conduct of organization to maintain the quality of natural resources andthe environmental media.2
TABLE OF CONTENTSIntroduction..............................................................................................................................4Current Linear Approach.......................................................................................................4Approaches to Strategic Management...................................................................................5Stakeholder Approach............................................................................................................5Dynamic Approach................................................................................................................7Sustainable Approach.............................................................................................................8Conclusion.................................................................................................................................9References...............................................................................................................................113
INTRODUCTIONStrategic management is demarcated as the art as well as the science of formulation,implementation and evaluation of cross-function decisions that help the organization attaintheir intended objectives. Strategic management is associated with the scanning ofenvironment that will require a whole creation of the manner of collection, undertakingscrutiny and serving information, which helps in meeting the strategic managerial aim. Thenext step that comes into being is the strategy formulation, which is a tool that helps in theoverall process of undertaking decision, which performs the best way of accomplishingorganizational goals (Hill, Jones and Schilling, 2014). A few such objectives play a part inthe overall outcome as it belongs to the common areas of environmental scanning. The othersteps followed up are strategic implementation and later strategy evaluation to create allactivities as a viable tool of management. Thus, strategic management is a comprehensiveconcept that uncovers all functional areas of the organization. This is one of the key conceptsthat direct, the unity of an organization or business by serving as a clear form of direction ingeneral alignment. There are distinctive approaches associated with this tool thus providing abroad outlook to the organizational issues. In the current study, the focus is on understandingthe concepts and highlighting upon how it accrues to the well-founded success of theorganization. Some of the areas that are given due consideration in this report are a currentstandard linear approach to the problem as well as aesthetically crafted approaches ofstrategic management. As for a deeper understanding, the strategic approachesimplementation shall be in due parlance to Wesfarmers limited stating its key strategies thattriggered the adoption of approaches. Current Linear ApproachThe current linear approach in this setting derives up with the different measures put forth tohave the ability to make a feasible accomplishment in the general strategic management. Afew steps that the current linear approach will require is the skill of conducting theenvironmentally scanning stage as this will indeed help in assessing out the desire ofgathering the information and devising scrutiny into each aspect of the project (Godet, 2011).Nonetheless, there are factors, which can, in turn, affect this stage influencing it to end up,noticeably at least successful and this will be including the execution of environmental basisfeatures, which will have a general inference to endeavour and enhance it. 4
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
The Process Strategic Management | Assignmentlg...
|14
|3624
|57
MGT302 - Aspect in Strategic Managementlg...
|15
|3426
|245
Different Approaches of Strategic Management Paperlg...
|12
|2628
|38
MGT302 : Strategic Management | (KOI)lg...
|11
|3485
|209
STRATEGIC MANAGEMENT ANALYSISlg...
|14
|2586
|19
BUS3005 Strategic Managementlg...
|15
|4690
|2