Strategic Management: Prescriptive and Emergent Approaches, SWOT Analysis, and Innovation

Strategic Management
TABLE OF CONTENT
INTRODUCTION...........................................................................................................................2
MAIN BODY..................................................................................................................................2
Section 1..........................................................................................................................................2
Compare and contrast the application of ‘prescriptive’ and ‘emergent’ approaches to
strategy and outline their role in the delivery of this aim with example...................................2
SECTION 2.....................................................................................................................................7
Issue and limitation with SWOT analysis:..................................................................................7
Evaluating benefit, cost and risk of using innovation:................................................................8
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................13
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INTRODUCTION
Strategic management is all above refers to defined as its process for new planning, new
idea generation, managing and many more aspects for business object or goal successfully
achievement. Expansion of appropriate and sustainable strategic management makes more
profound results with effective manner and it reduces risks within business as well (Ivars-Baidal
and et.al., 2019). This study will clarify all the essential aspects which require for strategic
management development. Identification of different factors which require for the loaning and
decision-making will define in this report, so it makes more clarity with models application,
comparison between two variables it’s easier to develop strategic management in organization
for effective project completion and includes with example. This study will provide information
of how two strategic approach models resolve conflicts and develop long term growth
opportunities and goal achievement. This study will provide information that how cost, risk, and
financial aspects manage by innovation expansion in business activities and define the role of
core competence in expansion of the sustainable competitive advantages within business
activities. This study has been defined why application of strategic approach model useful for
business long term goal achievement.
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MAIN BODY
Section 1
Compare and contrast the application of ‘prescriptive’ and ‘emergent’ approaches to strategy
and outline their role in the delivery of this aim with example.
Expansion of strategic management approaches improves business quality with application and
evaluation of unexpended events identification. Its essentials that individual business senior
authority considers to apply strategic approach model for reduce business conflicts and manage
multiple tasks with effective manner. Having appropriate and sustainable business methods or
approach has power to develop higher constancy in business activities. Multiple organization
management when they not prefer to develop strategic approaches then it baldy impacts
successfully goal achievement (Mahdi, Nassar and Almsafir, 2019). Strategic plan mainly
prepares for new addition into existing planning and ongoing business process and its mainly
apply for managing task with more effective patter because its important term that when seniors
and develop new plan to discussion with employees which has great sense and idea to manage
business tasks which is beneficial for task completion. Different strategic methods and approach
of organization are as follows,
Prescriptive approach to strategy: This strategy define as identification of different variables
at multiple levels which means business object set firstly and develop continuity in business
process and in mid way process of project seniors or manger when looking business aim strategic
process then they develop variation on the basis or requirement and prepare new decision as
well. Development of prediction which means when this project has be done, why, what etc this
term is known as prediction strategy. Completion of this step next is to manager or seniors
authority evaluate that this decision has power to provide aim or new opportunity with successful
manner or not. And the last step is to how this decision makes better things. One of the most
appropriate expansions which apply and consider by companies include General Electric. This
company mainly provide services electronic, financial services and many more. Aim of this
company is to provide better and effective electronic services with new applications involvement
(Rajapathirana and Hui, 2018). So this type of company senior’s authority highly prefers to
develop appropriate, effective and sustainable application including with prediction basis.
Utilization and application of this strategic process makes more profound result but it takes very
long time because in between seniors develop new variation in specific plan which affects on
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employee mind-set they do have to done new things multiple time. But the major effective things
is its easier and control risk with proper knowledge development of essential requirement. This
method mainly consider by companies which highly depends on environmental changes as well.
Figure 1: Prescriptive strategic model
So its clear prescriptive approach mainly refers to define are where company object stand
and then company senior authorities develop new variation for future. Idea of this term makes
more celerity that company develop proper plan but in between process they develop changes
which can be more beneficial or effective in future. Its very useful strategic approach but it
requires employees working power evaluation as well which means they do have power and
capability to adopt new variation within in project plan or not.
Emergent approach to strategy: This model of strategic management mainly defines as
business strategies change over the time on the basis of unexpected change identification. An
example of this model is market flow like variation in demand and supply. Idea and knowledge
of this term its essential aspect that business and develop higher consideration and attraction
towards with the appropriate and sustainable decision-making with continues identification of
market flow or identification of business risks (Govindan, Mina and Alavi, 2020)
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