Dynamic Capabilities and Stakeholder Management
Added on 2020-03-28
16 Pages3799 Words340 Views
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Running Head: Strategic Management Strategic Management
Strategic Management 1ContentsExecutive summary.....................................................................................................................................1Introduction.................................................................................................................................................2Strategic Approaches with example............................................................................................................2Stakeholder Approach.................................................................................................................................2Stakeholder Approach example..................................................................................................................3Dynamic Capabilities Approach...................................................................................................................4Dynamic Capabilities example.....................................................................................................................5Sustainability Approach...............................................................................................................................5Sustainability Approach example................................................................................................................6Advantages and disadvantages of different approaches.............................................................................6Conclusion...................................................................................................................................................7Recommendation........................................................................................................................................7References...................................................................................................................................................8
Strategic Management 2Executive summaryStrategic management alludes to the method of the association of management of a firm to execute exercises such that they increase hierarchical target alongside stakeholder benefits. The standard linear approach of Strategic management refers to the arranging held in an association. The association might make vision and statement of purpose and adjust their business exercises with the goal that objective is accomplished. Aside from the linear approach, there are numerous different methodologies which help the vital administration exercises in an association like, stakeholder approach, dynamic capabilities, sustainability approach and so forth. These methodologies tell the route in which an association might perform to keep up the enthusiasm of stakeholders. Alongside benefits, there are a couple of downsides of these methodologies too. Many organizations proficiently utilize these ways to deal with recognize their connected people and start exercises for them. Further, the investigation of these methodologies is talked about beneath.
Strategic Management 3Introduction The fact is known to all that companies in the global world who wants to achieve success and gain the competitive edge need to initiate strategic management. Strategic management refers to activities held in an organization which initiates their growth and fulfills the objective of the organization. It is basically the formulation of different plans in an organization so that to provide profit to the organization. But it shall also be noted that in an organization the strategic management activities shall be held in such a way that it assists the stakeholder's interest or increase it (Kramar 2014). The organization shall always look after their interest and aim to provide the maximum benefits. Further, the linear model in strategic management refers to the planning process developed by the company so as to assist the working of organization gain benefit out of the business activities. The linear model helps the organization to implement strategies by planning process; they plan activities which shall be done in a way that it provides an advantage to the company along with the stakeholder. But in strategic management, the linear approach many times fails to fulfill the requirements of the organization and its members. So to resolve that issue there are many other approaches defined to assist the working of the organization in the global market (Armstrong, and Taylor 2014). The company shall always to look after all the approaches and then select the approach which adequately fits the management of the organization. The report further provides a detailed view of some approaches to strategic management and how they are utilized by different business process. Additionally, the benefits and drawbacks of implementation of these processes are discussed in the report.
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