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Approaches to Strategic Management

   

Added on  2021-06-17

16 Pages3677 Words108 Views
STRATEGIC MANAGEMENT 1Approaches to Strategic ManagementName:Institution:Course:Tutor:Date:

STRATEGIC MANAGEMENT 2Executive Summary Management has been transformed into more complex activity as a result of the globalization and social impacts, making the old operational styles impractical. Strategic management enables the current business to take care of the needs of all people that either get affected or those that affect the business success. Strategic management has numerous approaches that are adopted by every organization depending on the objectives.Table of Contents

STRATEGIC MANAGEMENT 31.0 Introduction...........................................................................................................................................31.1.0 Differences between Strategic Management and Traditional Operational Management..............42.0 Stakeholder Approach...........................................................................................................................52.1.0 The viability of Stakeholder Approach............................................................................................52.2.0 Suggested Benefits of Stakeholder Approach.................................................................................52.3.0 Implementation Issues of Stakeholder Approach...........................................................................62.4.0 Limitations of Stakeholder Approach.............................................................................................63.0 Entrepreneurship Opportunistic Approach of strategic management..................................................73.1.0 Viability of Entrepreneurship Approach.........................................................................................73.2.0 Suggested Benefit of Entrepreneurship Approach.........................................................................83.3.0 Implementation Issues of Entrepreneurship Opportunity Approach..............................................83.4.0 Limitations of Entrepreneurship Opportunity Approach................................................................94.0 The Formal Structured Approach........................................................................................................104.1.0 Suggested Benefits of Formal Structured Approach.....................................................................104.3.0 Implementation Issues of Formal Structured Approach...............................................................114.4.0 Limitations of Formal Structured Approach..................................................................................115.0 Conclusion...........................................................................................................................................126.0 List of References................................................................................................................................141.0 Introduction In the current world of business, management presents many challenges that result from both the internal and external environment that can be addressed by those traditional forms of management, therefore, led to the development of strategic management approaches (Wolf & Gonclaves 2017, pp.79). Strategy refers to the formulation and implementation process of a plan;therefore, Strategic management refers to the dynamic formulation and implantation of a plan to achieve a specific goal taking into account all the internal and external constraints. Strategic

STRATEGIC MANAGEMENT 4management designed by executives helps various organizations in achieving pre-determined objectives while addressing the anticipated changes and challenges during the implementations of the plan. 1.1.0 Differences between Strategic Management and Traditional OperationalManagementStrategic management focuses on the top management while the operational management focuses on the functional management. In strategic management, policies are being formulated for the entire organization, while in operational management policies are being formulated according to the departments (Keshyarz, Farahani & Saldehi 2017, pp. 79). The strategic management policies tend to be long-term while the policies of the operational management tendto be short term for the current solutions. In strategic management decisions such as expansion and addition of more products and service can be made while such decisions cannot be made in the operational management.There are many alternatives to strategic management since organizations differ from one another regarding the degree of formalization in the process of making decisions, regarding the managerial power and the nature of the environment from highly complex to simple establishment (Johnsen 2016, p.339).These strategic approaches include stakeholders approach, Suitability Approach, Entrepreneurship Opportunity Approach, Dynamic Approach, Formal Structured Approach. The paper will explore the three approaches that are Stakeholder theory Entrepreneurship opportunity and Formal, structured Approach, taking into account the viability,the benefits, the implementations issues and the limitations of each approach.

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