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Strategic Management Concepts: Doc

   

Added on  2021-01-02

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Strategic Management

Table of ContentsTASK 1............................................................................................................................................31. Types of strategies in relation to the school of strategy and strategic concepts......................3TASK 2 ...........................................................................................................................................5Exploring competitive drivers and the effect on competitive position of an organization..........5Internal analysis of Paragon Limited ..........................................................................................7TASK 4............................................................................................................................................9Exploring strategic choice model for sustaining firm competitive position................................9TASK 5..........................................................................................................................................10Resource implication of selected strategy..................................................................................10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTION Strategic management can also be referred to as defining of business strategy. Purpose ofStrategic management includes development as well as implementation of an effective strategy.It involves various activities such as continuous planning, monitoring, analyzing and assessingthe tactics or operations which are required for accomplishing desired business objectives. It isthe procedure in which manager makes selection of set of strategies which help in improvingperformance. The formulation as well as implementation of strategy requires lot of resources.An effective strategic management drive firm towards accomplishment of success. Stratergicmanagement provides the related concepts of strategic preparation and strategic conceiving ofthe plan.The report have focus on identifying the strategies adopted by Paragon Ltd. Company foraccomplishing desired business goals. It will also include the description about different types ofstrategy as well as strategic concept. Study will emphasize on exploring competitive drivers andthe effect on the competitive position of an enterprise.TASK 11. Types of strategies in relation to the school of strategy and strategic conceptsIn present scenario, it has become important for business owner or manager in anorganization to develop strategy, as without making plan firm can not sustain in highlycompetitive business environment. Strategic management can be defined as the procedure ofestablishment of organizational goals and using these milestones for driving firm towardssuccess. Manager is required to conduct market analysis before formulation of strategy. Inaddition to this the strategic concepts should be considered by management when creating thebusiness plan. An effective strategic management also helps in ensuring an effective as well asefficient utilization of business resources It also supports firm in gaining competitive advantagein the market (Wheelen, Hunger and Bamford, 2017.). Strategy can also be considered to be asmaster plan which consist of detailed information about the way Paragon will achieve itsobjectives. There are three school of strategy these are :Planning school :This school of though emphasizes on rational as well as analytical approachrelated to formulation of strategy. It is required by manager in an enterprise to formulate strategyrelated to production of product only after conducting market research as well as analyzingtrends. Planning concepts of strategic management also states that manager in paragon should

make flexible planning , as this will assist an enterprise in providing suitable response to changesin business environment or market.Position school : This concept of strategic management states that strategic management is aprocedure of attaining a fit between the internal capabilities and external possibilities of anenterprise. As per this strategic management concept, it is required by manager in Paragon to bedevelop the business strategies considering the position of an organization in the market as wellas in industry. As per this strategic management concept manager in paragon during theprocedure of strategic formulation must select the market where they want to position theirproducts.Resource based school : this is an approach which can be adopted by Paragon Ltd for gainingthe competitive advantage in the market. Resource based view of strategic management isconsidered to be as managerial framework which can be utilized by manager in Paragon fordetermining the strategic resources utilizing which an organization can gain competitiveadvantage. This concept of strategic management states that organization are heterogeneous asthey have unique, highly expensive and valuable resources (Ethiraj, Gambardella and Helfat,2018). Resource based strategic management concept emphasizes on managerial concentrationon business resources. According to this strategic management concept, it is required bymanager in Paragon to address the resources, assess or analyses internal competencies orcapabilities of firm before developing the strategy, as this will help an enterprise in gaining thecompetitive advantage.Purpose of resource based strategic management concept is to manager a means ofevaluating potential factors that can be deployed to gain competitive advantage. This conceptstates that all the resources are not equally important in context of accomplishment of strategicobjectives.There are different types of business strategies which can be adopted by manager inParagon for accomplishing desired objectives these are :Product development : this strategy includes developing innovative product or bringingimprovement in existing goods. It is considered to be as less effective strategy as by utilizing thisfirm can only attract little growth opportunities and it can explore growth opportunity in currentmarket. But by adopting the product development strategy Can attract customers. This alsoenables business entity to gain competitive advantage .

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