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STRATEGIC MANAGEMENT 16 STRATEGIC MANAGEMENT Name of the student: Name of the university: Author note: Executive summary

   

Added on  2020-04-07

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Running head: STRATEGIC MANAGEMENTSTRATEGIC MANAGEMENTName of the student:Name of the university:Author note:

1STRATEGIC MANAGEMENTExecutive summary:A variety of approaches are now adopted by different mangers in various types of firms in orderto meet the organization’s goals and objectives easily and within a short period of time. Theconventional method of strategic management has been followed for a large number of year untilthe main issues with the approach started to resurface. It has been seen that the method is notmuch flexible and therefore it becomes very difficult for the management and the employee tocope up with any sudden changes in the working environment. With the course of time, it wasseen that different researchers came up with various kinds of approaches which had differentbenefits as well as certain disadvantages. One of them is the stakeholder approach where theinterests of all the stakeholders are taken into account in order to propose plans which help tomeet all expectations. The benefit is that it helps the organizations to cope with sudden changesand is quite flexible. However, the main issue with it is that it sometime may result in delay ofthe implementation of the initiatives as the interest of all the stakeholders need time to meet up toform a solid definite plan for the organization. Another form of approach is the dynamicapproach which mainly depends on gathering of information and utilizing them in the correctprocedures along with internal coordination and integration of strategic assets. The maindisadvantage of this approach is that it requires extensive training for all the members and alsorequires high finances to be spent for adoption of the skills mentioned in the approaches whichmight not be possible for all organizations to afford. Another approach is the sustainabilityapproach where the organizations need to establish strategies that will help them to align with thesustenance of the environmental conditions to increase their sales and profits. This approachrequires huge expenditure of money at the beginning which might not be possible for all the

2STRATEGIC MANAGEMENTcompanies. The report will discuss the approaches un details so that a proper idea can bedeveloped for ach approach.

3STRATEGIC MANAGEMENTContentsIntroduction:....................................................................................................................................2Conventional linear model:..............................................................................................................2Benefits of linear model:.................................................................................................................3Disadvantages of linear model:.......................................................................................................4Stakeholder approach:.....................................................................................................................4Benefits of Stakeholder approach:...................................................................................................5Disadvantages of Stakeholder approach:.........................................................................................6Dynamic capability approach:.........................................................................................................6Benefits of Dynamic capability approach:......................................................................................7Disadvantages of Dynamic capability approach:............................................................................8Sustainability approach:...................................................................................................................9Benefits of Sustainability approach.................................................................................................9Disadvantages of Sustainability approach:....................................................................................11Conclusion:....................................................................................................................................11References:....................................................................................................................................14

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