Assignment on Strategic Management in Organization
14 Pages3049 Words88 Views
Added on 2020-04-07
Assignment on Strategic Management in Organization
Added on 2020-04-07
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Running Head: Strategic ManagementStrategic Management
Strategic Management 1ContentsExecutive Summary.....................................................................................................................................1Introduction.................................................................................................................................................2Different types of approaches.....................................................................................................................2Stakeholder Approach.................................................................................................................................2Example of company using stakeholder approach......................................................................................3Dynamic Capabilities...................................................................................................................................3Example of company using Dynamic Capabilities Approach........................................................................4Sustainability Approach...............................................................................................................................4Example of company adopting sustainability approach..............................................................................5Limitations to the approach........................................................................................................................5Conclusion...................................................................................................................................................6Recommendation........................................................................................................................................6References...................................................................................................................................................6
Strategic Management 2Executive SummaryStrategic management refers to the procedure of the organization to implement activities in sucha way that they gain organizational objective along with stakeholder benefits. The standard linearapproach of strategic management refers to the planning held in an organization. Theorganization shall create vision and mission statement and align their business activities so thatgoal is achieved. Apart from the linear approach, there are many other approaches which assistthe strategic management activities in an organization like, stakeholder approach, dynamiccapabilities, sustainable approach etc. These approaches tell the way in which an organizationshall perform to maintain the interest of stakeholders. Along with benefits, there are a fewdrawbacks of these approaches as well. Many companies efficiently use these approaches toidentify their stakeholder and initiate activities for them. Further, the analysis of theseapproaches is discussed below.
Strategic Management 3Introduction Strategic management refers to the process of implementing strategic activities in theorganization to improve its efficiency. The planning process is initiated in the organization withrespect to certain strategies and procedures so that the mission statement made by the company isachieved (Helfat and Peteraf 2015). The linear model of strategic management is the processunder which the top management of the organization forms and implements plans so that viablegoals are achieved. The approach assumes that the future will become sustainable with theformulation such policies. But still, by looking at the linear it can be noticed that there are a fewdrawbacks to every approach used in an organization. Some of the organizations find it difficultto align the interest of stakeholders with the objective of the organization. This resulted indepletion in the financial growth of the organization. The report provides a brief analysis ofvarious strategic management approaches used in an organization to provide benefits to thestakeholders of the organization. It also provides examples of companies using such approachesand limitation of these approaches (Hill, Jones, and Schilling 2014). The details of themanagement approaches are discussed below.Different types of approaches Strategic management can be defined as a process of managing activities of the organization insuch a way that it provides a strategy to the organization on the path of which organization canrun and gain success. It is a continuous process with the effect of which activities areimplemented and appraisal is done. Further there are many approaches to strategic managementwhich assist the company; and take care of the interest of the organization along with its
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