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Implementation Issues Related to Stakeholder

   

Added on  2020-04-07

12 Pages3431 Words45 Views
ALTERNATIVE APPROACHES TO STRATEGICMANAGEMENTNAMESTUDENT IDSUBJECTLECTUREREDATE

Table of Contents1. INTRODUCTION.................................................................................................................................11.1. CURRENT STANDARD LINEAR APPROACH........................................................................21.1.1. Advantages of Linear Approach................................................................................................22. DIFFERENT APPROACHES TO STRATEGIC MANAGEMENT................................................22.1. STAKEHOLDER APPROACH....................................................................................................22.1.1. Benefits of using Stakeholder Strategic Management................................................................32.1.2. Limitations of Using Stakeholder Approach..............................................................................32.1.3. Implementation Issues Related to Stakeholder Approach..........................................................42.2. DYNAMIC CAPABILITIES APPROACH..................................................................................42.2.1. Advantages of using Dynamic Capabilities Approach...............................................................52.2.2. Limitations of using Dynamic Capabilities Approach...............................................................52.2.3. Implementation Issues Related to Dynamic Capabilities Approach...........................................62.3. SUSTAINABLE APPROACH.......................................................................................................62.3.1. Advantages of Using Sustainable Approach..............................................................................72.3.2. Limitations of Using Sustainable Approach..............................................................................72.3.3. Implementations Issues Related to Use of Sustainable Approach..............................................73. CONCLUSION......................................................................................................................................84. REFERENCES......................................................................................................................................8

EXECUTIVE SUMMARYThe aim of this research is to identify and discuss three strategic management approaches. The discussion contains the approaches’ advantages, disadvantages and issues emerging from their implementation or use. Also, the research gives some examples of international companies that are currently using the three methods. This research has got four main sections which are: the introduction, the discussion, conclusion and the reference section. Every section is clearly detailed and effective for the completion of the assignment.1. INTRODUCTIONStrategic management can be referred to as the control, planning, directing and analyzing of an organization’s resources with an aim of achieving its set goals and objectives. Strategic management gives a business a clear and direct sense of direction (Bergh et al, 2016). Therefore, it a process through which business managers set objectives, identify resources and implement their strategies to enable the business increase or improve its performance and gain competitive advantage in the market or industry (Rothaermel, 2015). Through strategic management, organizational managers have the opportunity to evaluate and analyze the organization’s competitive advantage, the organizations internal status and evaluate every business and management operation. Strategic management helps the business managers to focus and concentrate on their priorities by directing their energy and resources towards improving the overall business operations (Trigeorgis et al, 2017). This is mostly possible when all the organizational employees are in board or rather understand the overall objective and goal of the organization. This basically motivates most employees into working towards something they understand and believe in, simply because they have a common goal to achieve. In that case, strategic management has proved to be a very important and useful tool or process for ensuring every business’s success and objective achievement.Every business organization’s management team has to have its own strategic management strategy. Different organizations use completely different management strategies based on their size, number of employees, value of their employees, organizational goals and objectives, effect of the strategy to its employees among other things (Rothaermel, 2015). However, every management team must also have their own approach to their strategic management. This basically means a personal way engineered specifically for making strategic decisions. There are

currently a number of different types of strategic management approaches. There are the general approaches and the alternative approaches. 1.1. CURRENT STANDARD LINEAR APPROACHThe Standard Linear Approach management strategy focuses on the planning, control and directing of business goals and objectives towards their actual achievement and success. Basically, it concentrates on ensuring that the organization always has a competitive advantage over its competitors in the market. This means that the approach helps a business device ways to beat its competitors by achieving their objectives and goals. Through this approach, business managers are able to make sound and smart decisions (objectives and goals) and create an effective plan on how to achieve them.1.1.1. Advantages of Linear ApproachThe business managers have the opportunity to make better, smart objectives for the organizationThe managers are the only ones to make organizational decisions and not involving the Board of DirectorsIncreases the chances of organizational productivity and successProvides methods of dealing with competitorsCreates a better future for the business by identifying strategic directions1.1.2. Disadvantages of Using Linear ApproachIt is an expensive process in case changes happenDiscourages flexibility of the business2. DIFFERENT APPROACHES TO STRATEGIC MANAGEMENT2.1. STAKEHOLDER APPROACHThe stakeholder approached emerged in the 1980’s when the publication of R. Edward Freeman’s strategic management in business and public policy was underway. This approach was discussed in details in the stakeholder theory article that was published during that time (Freeman et al, 2011). This approach is entirely based on issues that are related to or affect a business’s stakeholders. A stakeholders is an individual who is likely to be affected by the performance of an organization or in the outcome of a decision making process (Freeman, 2010).

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