Discuss about the Strategic Management for Top Management Improvement.
The proposed essay includes several stages that will be covered through the essay. Two different elements involved in preparing the essay are the knowledge of essay purpose and the knowledge essay structure. Usually, the structure of the essay covers three different segment such as introduction, body and the conclusion. In addition, the purpose of the essay and the structure of the essay can be divided into several sub-elements such as Focus, Plan, Research, Formulate Argument and Write. Focus refers to the analysis of the task, which include the particular direction of the essay, relevant information and the certain limitations. In addition, the plan of the research focus on the knowledge of the task and the initial plan. The third segment of the essay includes the research. A critical analysis should be presented in the body of the essay based on the topic given. While preparing the analysis, the existing literature related to the topic needs to be reviewed to stand an argument in the essay. In formulate the argument in the essay; it is useful to find the relevant information based on the topic.
While presenting the argument in the essay, it is advisable to include the thesis statement and formulated argument to support the thesis statement. Thereafter, body of the essay should be written with analysis or the definition of the topic. In case the topic is selected, it is effective to write up the answer with the help of subject-angle-technique of the analysis. Next step comes with identifying some key ideas related to the topic “Strategic Management”. While identifying the key ideas related to the topic, it is advisable to go through the course outlines and apply mind-mapping technique to identify the key ideas. The next section comes with identifying some key words for associated with the topic. Hence, it is also necessary to pay attention to some relevant journals, abstract and data materials. The existing literature may help to formulate the argument in the essay. The argument or critical statement should be expressed in clear statement. The argument requires supporting evidences.
Topic: “Does strategic management contribute to the success of the organization?”
The strategy is considered as an action plan that is built it achieve a particular goal or a set of specific goals while running the operation in an organization framework. It is also identified that strategic management is the technique of enhancing the capabilities that allow an organization to create value for shareholders, customers while operating in a competitive environment. Some particular techniques are involved in the strategic planning that specially points out organization’s mission, vision and objectives. Another technique is to develop the policies as well as plans to achieve the objectives. The purpose of the essay is to understand and analyse whether or not strategic management positively contribute to the success of the organization. The topic is presented below through a critical analysis.
The strategic management may include the strategic planning, which comes under organizational management activity that helps to set the priorities, focus on the resources. Priem, Li and Carr (2012) stated that strategic planning could help to strengthen the operation and make sure that employees and the organization are working toward same goals and building the agreement around the intended outcome. In this context, Hair et al. (2012) stated that, “Strategic planning is a process not an event”. One of the major key elements in the technique is the involvement of all levels of employees throughout the organization. On the contrary, Barney (2012) opined that although preparing a consistent strategy is a difficult task for any management team, making the strategy work as well as applying throughout the organization could be more difficult. In order to support the above-mentioned statement, Morgan (2012) stated that unlike strategy formulation, strategy execution is usually observed as something of craft, instead of science. Therefore, it can be mentioned that effective formulated strategies may fail to develop the performance for the organization, if they are not successfully executed. As opined by Keupp, Palmié and Gassmann (2012), the application of the strategy could be the most significant challenge in management faced by all sorts of corporations. Thus, it is often seen that most of the organizations tend to apply the techniques of strategic management for their respective purpose. However, most of them fail to deal with the challenge of strategy implementation.
If the discussion is stretched back to the beginning, it can be observed that strategic management is usually emerged as the part of strategic planning, which has now been regarded as one of its core instruments. In this context, Dezso and Ross (2012) added that strategic planning was incorporated into strategic management, which further includes planning and management in the same technique. Conversely, Foss and Knudsen (2013) added that strategic management is derived from the fundamental concept of organizational policy. Certain benefits can be gained by applying the techniques of strategic management. As put forward by Hitt, Ireland and Hoskisson (2012), the strategic management is dispensable for an organization to become more proactive rather than reactive in developing its own future. It could help the organization to implement the activities; thus, it could exert control over its destiny. With the help of strategic management techniques, the firms could develop the sound strategies by applying more systematic, logical and rational techniques to strategic choice (Willcocks, 2013). Thus, to understand this popular concept, Pierce and Aguinis (2013) provided an example, which states that making sound strategy, the communication can be improved through dialogue and participation. By improving the communication, people could understand views of others and organizational commitment. It also helps to build the commitment, which further helps to achieve the objectives as well as implement the strategies. The outcomes with the fact that all leaders and employees work on mission to help the company to achieve success.
In order to agree with above-mentioned fact that, Vogel and Güttel (2013) put forward that a well-built strategy needs all members work on particular mission; thereby, the entire concept of strategic management is an effective way to encourage all leaders, managers and employees dedicating to the firm. Furthermore, it has also been identified that strategic management enhances communication; therefore, the employees to learn what the organization does, how to achieve the objectives. Thus, they could engage themselves into the enterprise and make commitment for the same. Once the communication is developed, the managers and employees form an effective relationship by understanding each other, which is necessary to work on organizational mission. In addition, if the internal communication is developed, the external communication can also be developed. The firm could develop an effective relationship with the customers to learn the changing needs of the market. For example, Samsung has improved a strong customer-focus, which helps them to understand the needs and demands of the customers and the future needs as well. The brand Samsung has done understanding the market scenario of the global environment.
On the contrary, the organization could also gain some non-financial benefits. For instance, the firm could enhance the understanding the marketing strategies of the competitors in the industry. As mentioned by Lin (2013), the well-known model SWOT helps the organization to find out the difference with competitors. The firm could effectively identify the strength, weaknesses and the external opportunities. Based on the analysis, further actions can be implemented. The strategic management allows the firm reducing the barriers to change since the communication is developed within the organization. However, there have been some global challenges associated with the technique used by the organizations. As opined by Hill, Jones and Schilling (2014), now nearly every organization is in the rush of extending the business in the global market and adopting the steps of running the operation into the global environment. Hence, the organizations use foreign business operation techniques. Thus, due to this fact of globalization. Many new orientations are coming out like International HRM. In this context, Morgan (2012) added that the process of organizational strategic management often needs to be renewed to deal with the new operations. Furthermore, it is also identified that with the rapid expansion of internet as well as developed technology, some organizations have paid attention to the e-commerce where they could run the business with electronic means. In such context, the strategic management technique of the business should be effective to change e-commerce motivation into business process.
Keupp, Palmié and Gassmann (2012) stated about another challenge associated with strategic management, which comes in the form of diversification. It is observed that with increasing uncertainty and the dynamic scenario of the global business environment. The organizations prefer to engage themselves in diversified operations. In such case, the organization need to diversify the business risk. Therefore, the approaches to strategic management should be capable of recognizing the diversification of business opportunities. In order to disagree with the current approaches of strategic management, Barney (2012) argued that under the modern society, certain operating pressure are there such as environmental activism as well as consumer protectionism. However, the approaches to strategic management often fail to identify the external pressure groups. On the contrary, Hitt, Ireland and Hoskisson (2012) added that strategic management should conduct research for identifying the possible CSR activities and implement those aligning with the expectation with the society.
Conclusion
On the completion of the essay, it can be mentioned that effective implementation of strategic management may help the organizations to achieve certain goals and objectives. However, the organizations often find it difficult to implement the approaches. It can be concluded that strategic management could help the organization to achieve success. Nevertheless, it is necessary to implement the strategies based on the current scenario of the environment. The organizations should be aware of the possible challenges after the implementation.
References:
Barney, J. B. (2012). Purchasing, supply chain management and sustained competitive advantage: The relevance of resourceâ€Âbased theory. Journal of Supply Chain Management, 48(2), 3-6.
Dezsö, C. L., & Ross, D. G. (2012). Does female representation in top management improve firm performance? A panel data investigation. Strategic Management Journal, 33(9), 1072-1089.
Foss, N. J., & Knudsen, C. (2013). Towards a competence theory of the firm (Vol. 2). Routledge.
Hair, J. F., Sarstedt, M., Pieper, T. M., & Ringle, C. M. (2012). The use of partial least squares structural equation modeling in strategic management research: a review of past practices and recommendations for future applications. Long range planning, 45(5), 320-340.
Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an integrated approach. Cengage Learning.
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2012). Strategic management cases: competitiveness and globalization. Cengage Learning.
Keupp, M. M., Palmié, M., & Gassmann, O. (2012). The strategic management of innovation: A systematic review and paths for future research. International Journal of Management Reviews, 14(4), 367-390.
Lin, R. J. (2013). Using fuzzy DEMATEL to evaluate the green supply chain management practices. Journal of Cleaner Production, 40, 32-39.
Morgan, N. A. (2012). Marketing and business performance. Journal of the Academy of Marketing Science, 40(1), 102-119.
Pierce, J. R., & Aguinis, H. (2013). The too-much-of-a-good-thing effect in management. Journal of Management, 39(2), 313-338.
Priem, R. L., Li, S., & Carr, J. C. (2012). Insights and new directions from demand-side approaches to technology innovation, entrepreneurship, and strategic management research. Journal of management, 38(1), 346-374.
Vogel, R., & Güttel, W. H. (2013). The dynamic capability view in strategic management: a bibliometric review. International Journal of Management Reviews, 15(4), 426-446.
Willcocks, L. (2013). Information management: the evaluation of information systems investments. Springer.
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