(solved) Strategic Management Doc
Added on 2020-03-28
16 Pages3460 Words179 Views
Running head: STRATEGIC MANAGEMENTStrategic ManagementStudent’s name:Name of the university:Author’s note:
1STRATEGIC MANAGEMENTExecutive SummaryIn this report, the strategic management approaches of organisations have been reviewed andanalysed. General approach can be defined as the collaborative process of the organisation.Organisation's top management decides the objectives and strategies of the organisation. Thestrategies set by the managers are done based on main resources. In this report, Toyota Motorshas been chosen for analysing the strategic management approaches. In case of Toyota,stakeholders are important and they give significant importance to stakeholders, employees,customers, suppliers and communities. Stakeholder analysis is a systematic process to analysethe strategic implementation policy of the organisation. Dynamic capabilities of Toyota mainlydefine as resource-based view as the organisation wants to allocate and use the resources thatmust give them value. Integrating, reconfiguring of the external and internal competence isimportant in maintaining the capability in change. Lastly, sustainable approach to theorganisation is all about following triple bottom line approach. In case of Toyota, it follows CSRtechnique to have sustainable development. Eco-friendly car, waste management, Lean techniqueand community development are some of the approaches of a sustainable approach. However, inimplementing the approaches, top management must take initiatives.
2STRATEGIC MANAGEMENTTable of Contents1. Introduction..................................................................................................................................42. Different approaches to strategic management............................................................................42.1 Stakeholder Approach...............................................................................................................52.1.1 System theory:....................................................................................................................52.1.2 Toyota’s stakeholders’ groups and its CSR initiatives.......................................................72.2 Dynamic capabilities.................................................................................................................92.2.1 Organisational theory........................................................................................................102.2.2 Use of Resource-based Theory by Toyota........................................................................112.3 Sustainable approach...............................................................................................................122.3.1 Triple Bottom Line approach............................................................................................122.3.2 Toyota’s sustainable approach..........................................................................................133. Conclusion.................................................................................................................................14Reference List................................................................................................................................16
3STRATEGIC MANAGEMENT1. Introduction Strategic Management is the ongoing planning, analysing, monitoring and assessment ofthe strategies that are necessary for a business to meet the objectives at the end. In generalperspective, strategic management has two main approaches, industrial organisation approachand another one is the sociological approach. The organisational approach is based on economictheories like a competitive rivalry, economies scale and resource allocation. On the other side,the sociological approach is about human interaction. In addition, as stated by Kramar (2014),the linear strategy focuses mainly on achieving the goals is the ultimate result of the strategicmanagement. In linear strategy, organizational leaders take the strategy to deal with rivals in themarket. Moreover, in the adaptive strategy of strategic management is about the meeting the gapbetween external market risks and opportunities. In interpretive strategy, the most stress is givento the managers of the organisation and they assist to face the changes in the industry. On thecontrary, the shortcomings of strategic management are that it could be complex, difficult andtime-consuming to implement. Strategic management needs skilful planning in order to avoid thepitfalls. In this report, Toyota Motors organisation has been chosen in order to show theapproaches to strategic management. This report aims to contrast and compare the three differentapproaches to strategic management, stakeholder approach, dynamic capabilities and sustainableapproach.
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