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Strategic Management Assignment: It's Approaches
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Added on 2020-05-28
Strategic Management Assignment: It's Approaches
Added on 2020-05-28
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Running head: STRATEGIC MANAGEMENTSTRATEGIC MANAGEMENTName of the Student:Name of the UniversityAuthor Note:
STRATEGIC MANAGEMENT1Executive summaryThe report discusses the importance of strategic management approaches in the organizations.It is essential for the success of the organizations. The report has assumed and proved theimportance of strategic management to the organizational success. It attempts to study as wellas capture the best approaches for formulation and implementation of business strategy. Thepurpose of this report is to reveal three approaches namely positioning approach, dynamiccapabilities and learning focussed approach to identify their effectiveness in formingstrategies for the organizations. The report discusses Viability of each approaches, benefits,various implementation issues and limitations.
STRATEGIC MANAGEMENT2Table of Contents1.Introduction:............................................................................................................................22.Different approaches:..............................................................................................................32.1 Positioning approach:.......................................................................................................32.1.1 Viability:...................................................................................................................32.1.2 Benefits:....................................................................................................................32.1.3 Implementation issues:..............................................................................................42.1.4 Limitations:...............................................................................................................52.2Dynamic capabilities:........................................................................................................52.2.1 Viability:...................................................................................................................62.2.2 Benefits:....................................................................................................................62.2.3 Implementation issues:..............................................................................................82.2.4 Limitations:...............................................................................................................82.3Learning focussed approach:.............................................................................................82.3.1 Viability.....................................................................................................................92.3.2 Benefits.....................................................................................................................92.3.3 Implementation issues...............................................................................................92.3.4 Limitations................................................................................................................93. Conclusion:............................................................................................................................94. References:.............................................................................................................................9
STRATEGIC MANAGEMENT31.Introduction:Strategic management is the methods that help the organizations to manage theirresources in an appropriate way so that they can achieve their goals or objectives. strategicmanagement includes few steps like setting of the objectives, analysis of internalorganization, evaluation of strategies and assuring that the management implement thesestrategies across the institution (Xi et al. 2015). For the present world, management strategieshave become business buzzwords. Top executives in the top international companies havestarted to ponder the strategic missions and objectives, the managers rough out marketstrategies, operational chiefs find strategies from research and development to raw materialssourcing as well as distributor relations. The strategic management includes identification ofthe methods how the companies stack up in compared to their competitors (Ghezzi,Cortimiglia and Frank 2015). It also involves the appropriate recognition of the availableopportunities and threats faced by the organizations which either come from the competitorsor the organizations within. In most of the organizations, there are several levels of management. Strategicmanagement is the most important because it approaches all the segment of a firm. It aids thecorporations with guidance to corporate values, culture, goals and missions. The positioningapproach of strategic management helps the corporation to understand its position in themarket and the ways through which it will get proper exposure (Debicki, Van de GraaffRandolph and Sobczak 2017). The approach involves the branding plan based on businessdata. The dynamic approach helps the companies to translate the strategic ambitions of theleadership into required specific actions so that it can overcome the strategic executionfailures. The learning approach focusses on the learning from the complex and unpredictablenature of the environment of the organizations.
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