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Management Theory and Practices | Assignment

   

Added on  2020-03-16

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Running head: MANAGEMENT THEORY AND PRACTICESManagement theory and practicesName of the studentName of the universityAuthor note

1MANAGEMENT THEORY AND PRACTICESGlobalization has changed the perspectives of most of the organization and manycompanies in the market are using innovative strategies to handle the uncertainties in the market.However, there are two perspectives that have been taken into consideration by the companies inthe market: one is the strategic choice and the other is the deterministic approach. Thedeterministic theory believes that the market has its own sets of control (Pisano 2017). Thus,many organizations are trying to make use of the strategy and respond to the changes in themarket. These companies continuously observe the changes in the market situation so that theyquickly adapt to the changes. The identification of the patterns in the market is important in thisperspective because it will facilitate the organizations in capitalizing on the market situations.The industry, social environment and the market place will determine the structuring of theorganization. However, this concept has not been widely accepted and majority of the companiesare following the strategic choice approach (Tokman, Richey and Deitz 2016). Strategic choiceis an approach which states that the organization have the same amount of control of the marketenvironment and the customers. The organizations can predict the future trends to identify thestrategies that have to be applied. This predictive helps the organization to be prepared for theuncertainties so that the changes in the market environment will not affect the organization.Moreover, the organization can control the market by changing the strategies in pricing,networking and advertising. This shows that the organizations are more focused on thepreventative measures than the counter measures (Strong et al. 2014). This essay will criticallyanalyze both the perspectives to identify which will be appropriate for the future trends in themarket.The central factor to making strategic decision is the process of strategic choice, which iseffective. The management has a degree of discretion, which means that they have the choice of

2MANAGEMENT THEORY AND PRACTICESmaking strategic decisions. They are not only accountable for the factors such as availability ofthe technology and environmental factors in the market. It is the responsibility of the manager tomake decisions for the organization so that they can gain competitive advantage in the market.However, there are certain degree of limitations and bindings to the choice they have to make, asthey are accountable to the higher officials and the stakeholders (Hill, Jones and Schilling 2014).Therefore, the mangers make use of the strategic planning tool to evaluate the various choicesthey have so that they make the best possible choice for the organization. This will facilitate toprepare for the contingencies and make improvement in the business model. The contingencyplan and the strategic plan are linked together and both of them is required for effectivemanagement of the organization. Therefore, in order to develop the corporate strategy, strategicplanning is required for maintaining sustainability of the organization (Whittington 2014). There are lot of strategic issues in the organization, which the management will have toexplore so that could evaluate and find the solution to various issues. The shape of the issues andthe relationship among them will identify the potential effects of the issues. Thus, after analyzingthe issues it will be easier for the management to develop strategies. In this context, strategicchoice is an important aspect, which will help to identify the various options and strategise that,will have to be implemented (AM Vermeulen et al. 2016). The management will analyze theimpact of the issues so identify the potential threats and their severity so that they can boost theperformance of the organization. The management will have o make the choices after setting upthe array of the issues. Initially it is necessary to validate the purpose of the organization, whichwill include the clear definition of the stakeholders and the benefits they will gain. There arecertain guidelines, which has to be made so that the management can follow these structures tofulfil the objective of the organization. The higher-level official and the governing body of the

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