logo

Article on Importance of Generic Concept to the Business Researcher

9 Pages2939 Words46 Views
   

Added on  2020-05-28

Article on Importance of Generic Concept to the Business Researcher

   Added on 2020-05-28

ShareRelated Documents
Running Head: BUSINESS STRATEGY Business Strategy: Article Review
Article on Importance of Generic Concept to the Business Researcher_1
BUSINESS STRATEGY2Table of ContentsArticle 1...........................................................................................................................................3Article 2...........................................................................................................................................4Article 4...........................................................................................................................................5Article 5...........................................................................................................................................6Article 6...........................................................................................................................................7References........................................................................................................................................9
Article on Importance of Generic Concept to the Business Researcher_2
BUSINESS STRATEGY3Article 1Murray, AI 1988, 'A Contingency View of Porter's "Generic Strategies"', Academy ofManagement Review, vol. 13, no. 3, pp. 390-400. Available from:10.5465/AMR.1988.4306951.The study conducted by Murray is named as “A Contingency View of Porter's "GenericStrategies”, which seeks to discuss the execution of contingency methodology to the genericstrategies, given by Michael Porter. The chosen article defines the importance of generic conceptto the business researchers, because it distinguishes the policies of best performing organizationsfrom the less performing organizations in the prospective sector. In this article, the author depictsthat the Management expert, i.e. Michael Porter has recommended three generic strategies thatcan be implemented by the firms, which are performing very well in that industry. Thesestrategies are, such as; cost focused, cost leadership and product differentiation. In the paper, themajor addressed problem is that whether the firms can implement these generic strategiessimultaneously. Through this article, the author is positioning the fact that how these strategies are linked withthe external prerequisites, such as; price sensitivity. In his view, cost leadership anddifferentiation strategies can be executed together under the exceptions conditions only. In this,the implementation of these strategies is not discussed clearly (Murray, 1988). There is acontingency approach that is implemented for the execution of strategies in the process. By this,the author founded that strategies of Porter are not equally exclusive and each strategy can beconnected with various strategic options. A company can utilize the strategic alternatives forachieving the differentiation in the products and their features. After the critical analysis of the chosen article, the author said that the concept of genericstrategies is very confusing and disappointing, because Porter did not explain it clearly that howits generic concept should be implemented by the companies. This is the major reason that mostof the companies are failed in implementing them. The approach suggested by the author, i.e.contingency approach can be practiced to resolve the issues, faced in the process ofimplementation. In relation to this, Ahmed and Rafiq have also stated that business and genericstrategies are formulated with considering their implementation format. These strategies can beimplemented by establishing internal consistency that is built through the inter-linkages of
Article on Importance of Generic Concept to the Business Researcher_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Article on Significance of Generic Strategies to Business Policy
|9
|2429
|284

A Contingency View of Porter's "Generic Strategies"
|8
|2465
|179

Business Strategy Assignment: Porter's Generic Strategy
|8
|2398
|111

Porter's Generic Strategies with examples
|16
|4097
|1712

Strategic Management: Porter’s Generic Strategies and Their Application in the Present Business Scenario
|19
|3919
|283

Strategy Development Tools
|10
|1813
|28