Approaches to Strategic Management

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APPROACHES TO STRATEGIC MANAGEMENT 1
Executive summary
To achieve the objectives and goals in the present market situation most of the organisation
are using strategic management process. The strategic management process is the process that
includes analysis of various factors such as the internal environment, competitors and
external environment the process also include steps like setting objectives, strategies
evaluation and ensuring management roles. This report includes the three main approaches to
strategic management in detail. The three approaches are stakeholder approach, dynamic
capabilities and sustainable approach. In the present conditions of the market for every
business, it becomes necessary that they should start following strategic management
strategies to ensure their success.

APPROACHES TO STRATEGIC MANAGEMENT 2
Contents
Introduction...........................................................................................................................................3
Approaches to Strategic Management...................................................................................................4
Stakeholder Approach.......................................................................................................................4
Viability.........................................................................................................................................4
Benefits of Stakeholders Approach................................................................................................4
Implementation issues...................................................................................................................5
Limitation......................................................................................................................................5
Dynamic Capabilities Approach........................................................................................................6
Viability.........................................................................................................................................6
Benefits..........................................................................................................................................7
Implementation issues...................................................................................................................7
Limitation......................................................................................................................................8
Sustainable Approach........................................................................................................................8
Viability.........................................................................................................................................8
Benefits..........................................................................................................................................9
Implementation issues...................................................................................................................9
Limitation....................................................................................................................................10
Conclusion...........................................................................................................................................10
References...........................................................................................................................................12

APPROACHES TO STRATEGIC MANAGEMENT 3
Introduction
Strategic management is the process that helps an organisation in achieving its objectives and
goals. The process of strategic management involves analysing the internal environment of
the organisation, analysing the competitive environment, setting objectives, strategies
evaluation and ensuring management roles across the organisation (Meyer, Neck and Meeks,
2017). Strategic management is the heart of every organisation it involves a process that will
identify how an organisation stacks up in comparison to its competitors and identifying the
threats and opportunities of an organisation. Introduction of new and advanced technologies,
innovation and customer expectations evolve the concept of strategic management and it will
help the organisation in thinking and making decisions strategically to remain successful
(Vogel and Guttel, 2013). The designing and planning of strategies involve a risk and
resources assessment. Strategic management is the process that has the ability that can make
and break the organisation.
The aim behind the development of this report is to understand in deep three approaches of
strategic management. The three approaches that are been selected for this report are
stakeholder approach, dynamic capabilities and sustainable approach. The main aim of the
stakeholder approach is to help the manager in knowing the best process with the help of
which the organisation can satisfy the wants of the stakeholders of the organisation (Carmeli,
Friedman and Tishler, 2013). The dynamic capabilities help the manager in assessing the
new, innovative changes are taking place in the market, and it also helps the managers in
knowing what changes are to be adopted and which are not in the process. And the third
approach sustainable approach helps the manager as well as business in knowing the best way
or process with the help of which the organisation can provide the least impact on the natural
resources.