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ALTERNATIVE APPROACHES TO STRATEGIC MANAGEMET

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ALTERNATIVE APPROACHES TO STRATEGIC MANAGEMET

ALTERNATIVE APPROACHES TO STRATEGIC MANAGEMET

Introduction

Strategic Management’s background

Strategic management is referred to as the implementation and formulation of various initiatives and major goals, undertaken by the top management of an organisation (Mason and Simmons, 2014). It is mostly done in the lieu of owners. The decisions are based upon various assessmentsthat are related to the external as well as internal environment of the business. In fact, the resources are extremely important in this case. One must assess how efficiently a company allocates its resources to gain a competitive edge over its competitors.

It also provides a holistic sense of direction to the organisations, thereby involving different objectives of the company. Several plans and policies are designed to obtain these organisational goals. In order to understand the employees’ perspectives, it is crucial to incorporate the strategic management. Some of the well-known models used in this genre are SWOT, BCG, Competitor Analysis, and Porter’s Five Forces.

Approaches’ explanation

The three main approaches that will be analysed in this paper are stakeholder, dynamic capabilities, and sustainable practices approaches (Mason and Simmons, 2014). Stakeholder approach was first introduced in the 1980s’ later part. The main aspect revolving around this approach is theidentification of the exerted pressure created on various stakeholders and managers, by the intensity of change. On the other hand, dynamic capabilities imply the acquisition of various advantages of the competitive nature, in certain external business environments. The ever-changing business arena must be addressed regularly. Alternatively, the sustainability approach emphasises on the preservation of different natural resources and the nature (Mason and Simmons, 2014). A company should understand that it is high time to understand how it cannot survive anymore without concentrating on the natural resources. Merely, focusing on the profit is not going to work. In fact, the three main aspects which should be magnified by the business organisations are the profit, people and planet (Refer to Figure 1).

3 different Strategic Management approaches with examples

Sustainable approach

Procter and Gamble is often regarded as a prime example for deciphering the sustainable approach pertaining to the strategic management. It was first introduced with the concept of innovative and sustainable product manufacturing. The company’s sustainable services and products amounted to almost 11 percent of the organisation’s total sales, which increased from 2007 upto the end of 2012. Proctor and Gamble brought forward many sustainable products by reducing the energy and water usage (Hill, Jones and Schilling, 2014). The materials used for transportation and packaging were also biodegradable. Thus, the main concentration was on the use of various renewable resources of energy and resources. It was also a strategic approach because the same helped in reviving the company’ reputation and image, extensively. As a result, the company took the responsibility to change the environmental impacts by rolling out eco-friendly technology and sustainable business processes. Interestingly, innovation is possible in every step of doing a business (Hill, Jones and Schilling, 2014). On the contrary, the above-mentioned integration of both the strategic management and sustainable practices can serve the organisations with the appropriate measures. Thus, it is important to understand that oftentimes, the strategic management corresponds to the blue ocean strategy. Hence, it is another added advantage for a company, in this regard. Blue ocean strategic cuts the market competition lucidly (Hill, Jones and Schilling, 2014).

Dynamic capabilities

Apple Inc. is a phenomenal example for exploiting the dynamic capabilities. For example, the company’s production and marketing strategies are designed in such a way that the complex competitive environment is addressed appropriately. The organisation incorporates experiential marketing (Hill, Jones and Schilling, 2014). It is quite different from the way other smartphone makers and sellers promote their products. However, it is possible only because of its superior technology, efficient staffs, and impressive showrooms. Apple’s strategy hardly endorses strategy focus. The dynamic capabilities are rather acquired by the company extensively (Eden and Ackermann, 2013). The dynamic capability’s perspective can be witnessed in several cases of Apple’s innovation, such as iPhone series, iPod, and iPad. They were marketed only by depending on the innovative and new features. Thus, this approach’s outcomes are quite clear. For example, the acquisition competencies of the capabilities should remain relevant to the company in question. In such a scenario, upgradation is also required. Flexibility is also crucial for the optimal utilisation of the resources. The term dynamic means something in motion. Similarly, continuously skills and other resources should be developed with the external business development. On the contrary, there are core three resources of an organisation such as the human, financial, and IT resources. All three of them are substantial for the reputational and productional improvement of any organisation. 

 

References

Alkhafaji, A. and Nelson, R.A., 2013. Strategic management: formulation, implementation, and control in a dynamic environment. London: Routledge.

Asif, M., Searcy, C., Zutshi, A. and Fisscher, O.A., 2013. An integrated management systems approach to corporate social responsibility. Journal of Cleaner Production56, pp.7-17.

Eden, C. and Ackermann, F., 2013. Making strategy: The journey of strategic management. London: Sage.



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