Concept of Strategic Management - Assignment

Running Head: Strategic management
Strategic management
Name of the Student
Name of the University
Author note

1STRATEGIC MANAGEMENT
Executive summary
The report deals with the concept of strategic management using different approaches.
this report, three approaches to strategic management has been discussed. Firstly, the
stakeholder’s approach is discussed. This theory emphasise on stakeholder’s needs at the front
of any action. Secondly, the approach of dynamic capabilities indicates the ability of the firm to
incorporate, build, and reconfigure the external and internal business competences for addressing
the rapid changes. Thirdly, sustainable approach to the strategic management refers to the
procedures seeking competitive advantage, while aligning with the values of the environmental
sustainability. All the three methods have their merits and demerits. In conclusion, the optimum
method can be the probably the dynamic capabilities approach and sustainable approach.
Irrespective of any strategy, an organisation must involve the strategic choice heavily throughout
all levels of business. Prior to implementing the particular strategy, a careful planning and
preparation is required.

2STRATEGIC MANAGEMENT
Table of Contents
Introduction..........................................................................................................................3
Approaches to strategic management..................................................................................4
Stakeholder approach...........................................................................................................4
Dynamic capabilities...........................................................................................................6
Sustainable approach...........................................................................................................8
Conclusion.........................................................................................................................10

3STRATEGIC MANAGEMENT
Introduction
Strategic management is an important concept in business. Strategic management is
defined as the process of managing the organisation strategically. It involves the concept of
strategy and management. Strategy refers to the actions taken by an organisation, for resource
maximisation and business growth. Management refers to dealing with daily operations of
business and future planning. Both the concepts are put together for driving the company’s
growth by using effective management tactics that are focused on goal-setting. Strategic
management thus involves implementing different strategies that determines the organisational
success as a part of management decisions and actions. Strategic management is important for
any business. It is the cycle of continuous monitoring, planning, analysis and assessing various
internal and external business factors that are vital to meet the desired goals and objectives (Hill,
et al., 2014).
The purpose of the report is to research the current alternative theoretical approaches in
strategic management. The report also aims to evaluate different approaches in terms of
suggested benefits, implementation issues and limitations issues. Further, viability of each
approach is discussed in details. At least one organisation is chosen, that represents the
implementation of each approach, for evaluating the success of the approach.
The three main sections of the report comprise of three approaches to strategy
management. It includes sustainable approach, stakeholder approach and dynamic capabilities.
Each of the approach is evaluated based on the above mentioned parameters. The facts and
arguments are supported by relevant literature. Based on the information obtained the conclusion
is drawn.