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Strategic Management of Companies

   

Added on  2021-06-14

15 Pages3820 Words159 Views
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Running head: STRATEGIC MANAGEMENTStrategic managementName of the Student:Name of the University:Author’s note:
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1STRATEGIC MANAGEMENTExecutive SummaryThis report focuses on strategic management of companies. It is seen that strategic managementaids the companies to gain an insight on its present environment through assessing its businessgoals, and schemes. Its main purpose is to help the companies to retain their comparative edge inthe current market. This report sheds light on stakeholder approach, dynamic capabilities andsustainable development. The benefits and limitations of each of these approaches are covered inthis particular study. This study throws light on viability of stakeholder approach, dynamiccapabilities and sustainable development. Apart from this, implementation issues of all theseapproaches are covered in this particular study.
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2STRATEGIC MANAGEMENTTable of ContentsIntroduction......................................................................................................................................3Stakeholder Approach.....................................................................................................................3Dynamic capabilities.......................................................................................................................5Sustainable Approach......................................................................................................................8Conclusion.......................................................................................................................................9References......................................................................................................................................11
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3STRATEGIC MANAGEMENTIntroductionNowadays, strategic management is considered as a matter of grave importance. It hasbeen noticed that effective business strategies aid the business organization to survive in theexisting competition of the market. It is seen that strategic management helps the organizationalmanagement to undertake significant business decisions that will aid the companies to sustaintheir advantageous position in the existing market. In accordance with the opinion of Rothaermel(2015), strategic management means the creation as well as the implication of main goals as wellas initiatives that are undertaken by an organization’s top managers, on the basis of availableresources. As opined by Wheelen et al. (2017). Strategic management also evaluates competitiveenvironment as well as assesses the business strategies. The significance of strategicmanagement lies in understanding the business objectives and schemes of the companies. In the opinion of Ginter(2018), strategic management concentrates on the long-termplanning. Effective strategic management paves the growth of the business organizations. Fromthe perspective of Hill, Jones and Schilling(2014), fruitful strategic management aids thebusiness organizations to increase its overall productivity and profitability. In other words,strategic management is required for managing the business strategies so that it becomes easierfor different business organizations to sustain their comparative edge in business. In thisparticular study, concepts of different approaches such as stakeholder approach, sustainableapproach and dynamic capabilities are explained in this particular study. The benefits andlimitations of every approach are covered in this particular study. This study also throws light onthe viability of these approaches.
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