Approaches to Strategic Management
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This paper argues that there is no single adequate approach to strategic management. The writer explains and compares the four approaches of the classical, the evolutionary, the processual and the systemic school of thought and also establishes the framework in which these approaches are applied. Five market forces which interact in a complex framework to create unique scenarios are described. The greatest challenge in business strategy formulation is to anticipate the movement of market forces. The thinking behind each approach and its shortcomings are described, and the paper concludes that the best strategy may be to follow a mix of the four approaches.
From the Paper:"As mentioned before, the five forces create a complex context for businesses to operate in. It is difficult for the management of a business organization to predict when there is going to be a new entrant in the market or when a substitute product is going to be launched. In this context business strategy becomes a question of luck and judgment. The management still has to do the best it can in trying to figure out where the industry will go in the future in terms of differentiation, cost minimization and quick delivery (cited in Fred, 2006). But the question that still remains is how to set those strategies. In answering this question, the management has at its behest four approaches: classical, evolutionary, processual and systemic."
Sample of Sources Used:
- Aaker, David A. (2004). Strategic Market Management. McGraw Hill/Irwin.
- Dess, Gregory G., et al. (2007). Strategic Management: Creating Competitive Advantage. 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.
Cite this Analytical Essay:
Approaches to Strategic Management (2009, November 16) Retrieved April 14, 2021, from https://www.academon.com/analytical-essay/approaches-to-strategic-management-117119/
"Approaches to Strategic Management" 16 November 2009. Web. 14 April. 2021. <https://www.academon.com/analytical-essay/approaches-to-strategic-management-117119/>