Business Strategy Formulation

Paper Summary:

This paper discusses two strategy formulation frameworks: scenario planning and competing-on-the-edge. The author points out the complexities involved in managing change and stresses that effective strategy formulation requires that the management takes into account decision variables operating in both the internal environment and the external environment. The author underscores that the planned and emergent approaches to strategy formulation under scenario planning and under competing-on-the-edge frameworks facilitate the process of striking a balance between change and the status quo. The paper concludes that the process of strategy formulation has to be improvisational in terms of combining approaches with frameworks innovatively.

From the Paper:

"The benefits of the emergent approach applied in the context of competing on the edge may be limited by the disadvantages of making the firm a follower. However, according to the analysis above, the disadvantages have minimal effects because the operational requirements of the emergent approach demand that the organizational culture promotes novel ways of doing things. In other words, the emergent approach, particularly when applied in competing on the edge, demands constant process of business process reengineering."

Sample of Sources Used:

• Aaker, David A. (2004). Strategic Market Management. McGraw Hill/Irwin.
• Fred, David. (2006). Strategic Management: Concepts and Cases. Prentice Hall.
• Hill, Charles., and Gareth Jones. (2007). Strategic Management Theory: An Integrated Approach. McGraw Hill/Irwin.
• Hitt, Michael A., et al. (2007). Strategic Management Concepts. Wiley.

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