...APPROACH TO STRATEGIC MANAGEMENT Amanda J. Gregory Centre for Systems Studies, Business School, University of Hull, Cottingham Road, Hull, HU6 7RX, United Kingdom, A.J.Gregory@hull.ac.uk ABSTRACT Strategic management involves decision-making about an organization's objectives together with the formulation and implementation of plans, particularly regarding the allocation of resources, to support their achievement. As such, strategic management is a dynamic and complex process involving consideration of internal and external factors, and the short and long term. The effectiveness of an organization’s strategic management can critically impact upon its viability and there are many reasons why the stategic management process may fail. Such reasons include failure to: think creatively about the likely affects of plans obtain external/internal participation and commitment co-ordinate and control resources. In this paper it is argued that many of the reasons for failure may be attributed to the successive dominance of different reductionist approaches to strategic management. From a systems perspective it may be argued that such approaches represent partial approaches to strategic management that neglect the complex, embedded and dynamic nature of modern organizations. Accordingly, the reasons why strategic plans fail are taken to provide a framework for the evaluation of the potential contribution of a range of systems methodologies to the strategic management process. The systems...
Words: 3830 - Pages: 16
...Strategy Formation in Former South African Firms' London Headquarters and in Their South African Your title should be not more than 16 words, must include “South Africa” and/or other relevant countries and should not refer to the methodology (eg A case study of . . .”). Don’t start each word with a capital letter – use ordinary sentence case and only capitalise proper nouns. Operations Sxxxx Cxxxxx Student number: 1234567 Tel: 089 555 5555 Student.wbs@hotmail.com A research proposal submitted by Proposed Supervisor: Dr Txxxx Mxxxxx Your proposal is the plan of your research. You must NOT do any actual research, eg interviews, before the panel. Wits Business School 2nd March 2009 The final Research Report resulting from this proposal was 116 pages long, including references and appendices, excluding the beginning section – dedication, declaration, Table of Contents, etc (see Research Report template at www.wbs.ac.za). This is just about exactly the length expected. TABLE OF CONTENTS LIST OF TABLES .............................................................................. LIST OF FIGURES ............................................................................III 1 1.1 1.2 1.3 INTRODUCTION........................................................................1 PURPOSE OF THE STUDY ................................................................................ 1 CONTEXT OF THE STUDY.................................................................
Words: 8300 - Pages: 34
...1.0 Introduction: Strategic management is a continuous activity that appraises and controls the industries and the business in which the company is involved; evaluates its rivals and sets organizational purpose and strategies to address with all existing and potential competitors; and then reevaluates each strategy after a definite time period to determine how it has been applied and whether it has thrived or needs replacement by a new strategy to meet changed environments, new rivals or new political, economical social, technological environment. Strategic management is very important and broader area than any specific functional management area. It determines whether an organization excels, survives, or dies. It is very essential because it leads all the functional arenas of the business. It is generally believed that businesses, which develop formal strategic management systems, have a greater possibility of success than those, which do not. (Jauch and Glueck,1988,) Strategic management helps organizations predict future problems and opportunities. It endows with crystal-clear vision, mission, objectives, and strategies that guide organization into the secured future. Strategic management is a stream of decisions and actions. (Jauch and Glueck,1988). It is a procedure by which top-level management decides and does for the success of the company. It helps to determine the best possible strategy so that company could win the game in competitive business environment...
Words: 5438 - Pages: 22
...Evaluate the effectiveness of the roles that the strategic leaders played in the formation of the performance management strategy. Southern Company’s leadership teams played a significant role in the formation of their performance management strategy. Once performance standards were identified, leaders were able to better understand what was expected of them at each leadership level. Evaluate the effectiveness of the roles that the strategic leaders played in the formation of the performance management strategy. Silzer and Dowell (2010) define Talent Management as “ an integrated set of processes, programs, and cultural norms in an organization designed and implemented to attract, develop, deploy, and retain talent to achieve strategic objectives and meet future business needs” (p. 18). And lists the following as components necessary for a talent management program strategy: recruitment; selection; promotion; placement/assignment; on-boarding/assimilation; retention initiatives; rewards/recognition programs (other than compensation); training and professional development; coaching/mentoring; leadership development; performance management; career p Develop a five (5) point criteria for evaluating the effectiveness of the talent management strategy and how the data could be collected. Silzer and Dowell (2010) go on to state that after determining the talent requirements that are strategically important to the organization, the next step is to consider...
Words: 308 - Pages: 2
...Ashley Johnson Strategic Management 05/09/2013 Key Concepts For Strategic Management Strategic Management is the process in which an organization develops and implements plans that espouse the goals and objectives of that organization. The process of strategic management is a continous one that changes as the organizatinal goals and objectives evolve. Several key concepts characterize strategic management and the development of organizational goals. At the core of strategic management process is the creation of goals, a mission statement, values, and organizational objectives. The creation of these guides the organization in its pursuit of strategic opportunities. Through goal setting, organizations plan how to compete in an increasingly competitive and global business arena. The next key concept is Analysis strategy formation. Analysis of an organization's strengths and weaknesses is a key concept of strategic management. Other than the internal analysis, an organization also undertakes an external analysis of factors such as emerging technology and new competition. Through internal and external analysis, the organization creates goals and objectives that will turn their weaknesses into strengths. The analysis also facilitates in strategizing ways of adapting to changing technology and emerging markets. The third concept is strategy formation. Strategy formation is a concept that entails developing specific actions that will enable an organization to meet its goals. This...
Words: 400 - Pages: 2
...Phoenix Material Team Strategy Plan 1. Complete the following table to address the creation of teams at Riordan Manufacturing. Strategy | Strengths | Weaknesses | During forming stage members roles are defined | By defining roles everyone is aware of each other’s roles are and exactly what their part is, and what is expected of them. | Some members may not like their roles and act out in dysfunctional behavior, or power struggles may form | While in the storming stage strategy’s to resolve conflicts are employed | The hierarchy of the group can begin to demonstrate leadership qualities | Avoidance of power struggles and not willing to use conflict resolution just yet. | Norming stage open lines of communication | Cohesiveness develops due to camaraderie and group identity. | Gossip starts in group from disgruntled members | performing stage plan for team goals | Group energy guides Team to achieve goals. | Disgruntled members can corrupt group energy while slowing production down. | Adjourning stage team is rewarded for reaching team goals. | Wrapping up, group member’s celebration festivities of completing goals. Members esteem at a high. | Disgruntled member create negative results if allowed to participate in festivities | 2. Identify the team formation strategy that is most suitable for Riordan Manufacturing, and provide the rationale for the decision. I chose to use the five stage model as a strategy in group formation. I feel that by defining...
Words: 1152 - Pages: 5
...competition and can only emerge from effective strategy. Strategy, is about “...superior skills in understanding and satisfying customers” (Day, 1990 cited in Wit et al. 2004, p. 278). In the last few decades as the business environment has taken new twists, the perspectives on strategy have evolved using the framework of various eclectic schools of thought within two broad approaches: the prescriptive approach and the descriptive/emergent approach (Mintzberg et al., 1999). Some schools propose that strategy formation is the outcome of systematic analysis and logical planning. It is a deliberate process that is carried out by specialists who ensure that strategy implementation is the direct translation of the planned strategy. Others, like the learning school, argue that strategy is emergent. It takes shape as the result of learning that happens during organisational functioning at all levels. “...strategists can be found throughout the organisation, and so called formulation and implementation intertwine” (Mintzberg et al., 1999, p.25) but is facilitated and enabled by a ‘strategy champion’ – usually the CEO (Stalk et al., 1992, p.62). One supporter of the latter approach is Henry Mintzberg who argues that “Strategy is pushed along by sheer creativity of managers, because they explore new ways of doing things” (Mintzberg et al., 1999, p.29). Literature Review The debate on ‘what constitutes strategy?’ is intense. Is effective strategy an outcome of analysing the industry or is...
Words: 1949 - Pages: 8
...An analysis of the factors of successful implementation of customer relationship management in chain of supermarkets in the United Kingdom 1. Introduction Today, more and more companies find that cultivating customer loyalty is a key factor to achieve success. Customer relationship management (CRM) focuses on the relationship between customer and company. Due to this feature, many companies are trying to establish their own CRM system for helping them to connect new customers and boost old customers’ long-term loyalty. CRM systems include operations and analysis, and relationship marketing strategy and supporting, customer-centric business processes (Buttle 2004). With the development of information technology (IT), using CRM system is more convenient. It is considered as an important strategic compulsory (Coltman 2007), with investment predicting that global costing will increase on CRM system over the future (Gartner Group 2009). From a U.S. based survey, it was found by Goodhue et al. (2002) that a CRM system had already been established or was planned by 91 percent of companies. However, according to Rigby, the application of a CRM system is not very successful (Rigby et al. 2002).The main reason is that more than half of total companies consider CRM as a simple technology solution which aims to build a bridge among marketing, sales and service (Peppers and Rogers, 1999). A successful implementation should consist of different functional departments and be based on...
Words: 2446 - Pages: 10
...Assignment #4 Southern Company Case Study June 5, 2013 1. Evaluate the effectiveness of the roles that the strategic leaders played in the formation of the performance management strategy. Southern Company is an electric utility company headquartered in Atlanta, GA. The company owns electric utilities in Alabama, Florida, Georgia, and Mississippi and services roughly 4.4 million customers. Southern Company also provides fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are below the national average. Historically, Southern Company hired at the entry level and promoted individuals internally to fill leadership positions. The company typically had a very low turnover rate which resulted in an older and more tenured workforce. Over the years, Southern Company developed a group of leaders that possessed a profound level of business knowledge and aligned with the organization and culture. Southern Company hired a large number of people in the late 1970s and 1980s, so by 2003, most of those individuals that had remained with the company were beginning to retire. At Southern Company employees are eligible to retire at 50 years old, so many executives began to retire in large numbers, and their successors would also leave shortly after. Southern Company decided that it was time to review and revamp their succession planning and leadership development efforts...
Words: 1314 - Pages: 6
...University of Phoenix Material Team Strategy Plan 1. Complete the following table to address the creation of teams at Riordan Manufacturing. |Strategy |Strengths |Weaknesses | | |A person may give up a win to have power |When a person is losing as a team member | |This consists of a competing strategy that |when meeting a deadline. This happens when |then they will less likely want to help | |has a long term interaction plan that helps|you know you are right even when you make a|with other projects in the future. | |the company gain competitive advantage |fast decision | | |This consists of a calibrating strategy, |Team members try to relate to each other | | |people tend to work together when there is |and understand different views in reaching |May take longer in order to reach a goal as| |conflict and they work as a team to reach a|a solution |a team | |outcome | | | | |When the group is in calibration with each | ...
Words: 1134 - Pages: 5
...Conversations with Stakeholders in the Formation of Corporate Social Responsibility Strategy. Summary The main discussion of this journal is to explore the role and the use of strategic conversations in corporate social responsibility (CSR) strategy formation from a conceptual perspective to actual practices. Based on this research, the authors have given the strongly recommendation that by intensifying the stakeholder engagement in the CSR strategy-making process, through the mechanism of strategic conversations, will not only minimize the future stakeholder’s concerns and enhance CSR strategy making effectiveness but also maximize organizational sustainability. The learning outcomes are concluded in the following key points: * Corporate Social Responsibility - The evolution of the Corporate social responsibility (CSR) was from a basic concept and belief to become a popular debating subject in recent decades which is centered in ‘whether CSR should take priority over a company’s obligation to make money for its stockholders or vice versa’. - There was a general consensus to align strategies to take full advantage of CSR business opportunities while also including stakeholders in the strategy-making process. * Strategic conversations - Understanding the variety of strategic conversation definitions and how it works properly in an organization through direct communication mechanisms between three pillars: top management, BSE and relevant stakeholder. - The model...
Words: 1280 - Pages: 6
...Semester III UNIT – I STRATEGY AND PROCESS |Conceptual Framework for Strategic Management – Concept of Strategy and Strategy Formation Process – Stakeholders in Business – Vision, | |Mission and Purpose – Business Definition – Objectives and Goals – Corporate Governance – Social Responsibility | CONCEPTUAL FRAMEWORK FOR STRATEGIC MANAGEMENT Strategic management deals with decision making and actions which determine an enterprise’s ability to excel survive or die by making the best use of a firm’s resources in a dynamic environment. The main purpose of study of strategic management is to examine why some organization succeed while others fail and yet others completely change. Consider the following examples: ➢ Bharat Heavy Electricals Ltd. (BHEL) is now planning to expand its range to 800 MW supercritical power projects. ➢ LG Electronics India Ltd. (LGEIL) signed a MOU with Maharashtra government to expand manufacturing facility at Pune for Rs.900 crores. ➢ GAIL India has received an offer from China Gas Holdings for participation in a gas based petrochemical project to be set at Humor in Mangolia. ➢ The world’s largest steel conglomerate Mittal Steel Company is to become the second largest stakeholder in a Chinese Steel firm in Hunan Province. ➢ Mittal singed three MOUs with Jharkhand Government for setting up 12 million tonne Greenfield project in two phases. ➢ Maruthi Udyog slashed the price of Maruti-800 by...
Words: 3249 - Pages: 13
...Research paper The functions of management Content 1. Introduction…………………………………………………………...3 2. The nature and content of management functions……………………5 3. The main functions of management…………………………………..7 4. Characteristics of main functions of management ………………….12 4.1. The planning function……………………………………………..12 4.2. The function of the organization ………………………………….13 4.3. Function motivation……………………………………………….14 4.4. Monitoring function ………………………………………………15 5. Specific management functions……………………………………..16 6. Conclusion…………………………………………………………..17 7. Bibliography………………………………………………………...18 Introduction In general, management should be thought of as the science and art of winning, the ability to achieve goals, using the work, the motives and intelligence of people. We are talking about targeted on people with the aim of turning unorganized elements in effective and productive force. In other words, management is human possibilities through which leaders use resources to achieve strategic and tactical goals of the organization. Manager - independent profession with its own professionally-specific tools and skills, is clearly different from other professions. Encourage was achieved by the employees themselves, relates only to the trade Manager, and all other professions perform special tasks, but not task Manager. Manager is a person who has...
Words: 6993 - Pages: 28
...University of Phoenix Material Team Strategy Plan 1. Complete the following table to address the creation of teams at Riordan Manufacturing. |Strategy |Strengths |Weaknesses | |Forming stage |Determines what behaviors are acceptable. |Group may be anxious due to uncertainty in | | |Once complete, members will consider |the beginning, as the group does not yet | | |themselves as part of a group. |have an agenda to follow. | |Storming stage |Acceptance of the group, determine |Resistance by some in regards to | | |hierarchy of leadership within the group. |constraints it imposes on individuality. | |Norming stage |Group solidifies and sets expectations. |Groups may establish a list of “don’ts.” | | |Team member’s behavior is defined as what |In fear of over or under producing may | | |is acceptable. This includes performance, |result in layoffs, wage cuts, and work | | |appearance, social arrangement, and |incentives. Therefore, a road “in the | |...
Words: 1592 - Pages: 7
...Power School – strategy formation as a process of negotiation The power school ‘...characterizes strategy formation as an overt process of influence, emphasising the use of power and politics to negotiate strategies favourable to particular interests...’ (Mintzberg et al. (1998): 234). The power that is considered here is beyond the legitimate wielding of economic power in the marketplace (as proposed by the positioning school). ‘Macro power’ is the illegitimate or ‘alegitimate’ (i.e. not expressly legitimate, in a ‘grey area’) use of power by the organisation in relation to those outside it. The lines can be very blurred between the use of political activity that is acceptable in relating to the organisation’s stakeholders and competitors, and that which constitutes a breach of law or trust in spirit, if not in the letter. The field of ‘business ethics’ and the notion of ‘corporate governance’ are necessary elaborations of the business policy considerations that go hand in hand with strategy formulation. Increasingly, however, organisations are finding it beneficial to co-operate and collaborate with other players, forming strategic alliances, rather than seeking to damage them with their strategies. Micro power’ is the ‘play of politics’ inside the organisation, and although acknowledged by all writers on strategy, it has rarely been investigated in itself. The idea that there could be a struggle of competing interests in strategy formation is entirely absent...
Words: 809 - Pages: 4
