Strategic Management: Prescriptive and Emergent Approaches, Core Competence, Innovation, and Benefits

This presentation discusses the importance of strategic management, prescriptive and emergent approaches, core competence, innovation, and their benefits, costs, and risks. It includes examples from literature and highlights the role of market analysis in achieving business goals.

Strategic Management

Introduction
 Strategic management is the process of deciding goals, procedures, and attaining goals
for the purpose of attaining competitive advantages. This is important for each
organization to for understand goals of organization and allocate the work between
group of people who get ready to work continuously. Strategic management is the
regular procedure of understanding goals and managing work between team members
which helps to develop business productivity.

Strategy is the comprehensive action plan that identifies the long-term direction
 Strategy is the act of planning, and directing formulated by an individual to achieve
organizational goals and maintaining higher performance. The aim of each business
industry is to increase its sales and profitability so that formulation of strategy is
important that used by business concern for the purpose of managing activities.

Critically compare and contrast the application of ‘prescriptive’ and ‘emergent’
approaches to strategy and outline their role in the delivery of this aim. Where
possible use examples drawn from the literature to support points you put forward.
 Strategy refers to long term direction of an industry as it attempts to accomplish
competitive advantages by managing all functions and activities effectively. This is
important for each organization to understand what is happening in environment and
how products is going to be launch to increase organizational sales. Bentley Motors has
been used Prescriptive and emergent approach by defining roles that supports to
develop business productivity.

Comment critically on the role of ‘Core Competence’ in developing Sustainable
Competitive Advantage (SCA) for an organisation
 Core competence is defined as resources and capabilities that provide strategic
advantages of a business. This is important for each organization to understand the
what is running in environment and how an industry reaches to organizational goals.

Evaluate the benefits, costs and
risks of using ‘innovation’
 Strategic development is the continuous process of identification, direction,
formulation and controlling business activities that used to develop business process.
For each organization it is important to use innovation concept that relates to
introducing something new and bringing changes in their existing products and
services.

CONCLUSION
 From the report it can be concluded that strategic management is the process
of identifying, influencing and managing business activities. This is important for
industry to conduct market analysis and make efforts to provide products and services
accordingly. Innovation is the process of bringing something new and attractive that
could help to accomplish business goals and provide competitive advantages
effectively.

REFERENCES
 Ali, B. J. and Anwar, G., 2021. Real Estates Strategies: Analysis of Strategic
Management Practices in Real Estate Companies. Ali, BJ, & Anwar, G.(2021). Real
Estates Strategies: Analysis of Strategic Management Practices in Real Estate
Companies. International Journal of Rural Development, Environment and Health
Research. 5(3). pp.35-48.
 Barney, J. B., 2020. Measuring firm performance in a way that is consistent with
strategic management theory. Academy of Management Discoveries. 6(1). pp.5-7.
 Bokareva, E. V. and Yudina, E. V., 2020. Strategic management in the hospitality
industry. Revista Turismo Estudos & Práticas, (S4), pp.8-8.