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9.1 Strategic Management

What is the strategic management process?

In the previous chapter we focused on analyzing and understanding a firm’s competitive environment. In this chapter, we see how the information strategic analysis provides gets put to work. The strategic management process is the set of activities that firm managers undertake in order to try to put their firms in the best possible position to compete successfully in the marketplace. Strategic management is made up of several distinct activities, shown in Exhibit 9.3 . This chapter will detail the role each activity plays in developing and sustaining a successful competitive position.

While Exhibit 9.3 presents strategic management as an orderly process. However, most top managers deal with all of the steps simultaneously; they engage in environmental scanning to update their analytical view of the firm, they are executing strategies formulated in the past, they are formulating strategies to execute in the future, and so on. While it is useful to discuss the strategic management process in a stepwise fashion, it’s important to point out that the cycle occurs such that everything is being done at once.

Concept Check

What activities make up the strategic management process?

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Strategic Management

(15 reviews)

Kennedy B. Reed, Virginia Tech

ISBN 13: 9781949373950

Publisher: Virginia Tech Publishing

Language: English

Formats Available

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Reviewed by Jiwon Suh, Assistant Professor, University of Texas at Arlington on 3/7/24

This book covers core topics that should be included in a strategic management textbook. I particularly like that the book has a chapter devoted to corporate governance, ethics, and social responsibility. I hope to see that vertical and horizontal... read more

Comprehensiveness rating: 4 see less

Content Accuracy rating: 5

This book contains core and major models, concepts, frameworks, and theories that should be included in a strategic management textbook. Especially, this book also explains a balanced scorecard and its linkage with organizational mission and vision.

Relevance/Longevity rating: 5

The main content is highly relevant. The concepts and frames that are included in the book are not fast-changing. This book uses a variety of examples to explain concepts to help students understand. These examples are a good mixture of timing (old and relatively new) and I believe such examples should be aged well to evaluate.

Clarity rating: 5

This book was well-written. This book uses clear language so that students including undergraduates can easily follow.

Consistency rating: 5

This book is consistent with all the structures and contents that are expected in the strategic management textbooks.

Modularity rating: 5

The topics in this book are well divided into 11 chapters so that faculty members can easily develop a semester-long course. On page 2, the authors also provide 6 modules on how these chapters can be used in a shorter course.

Organization/Structure/Flow rating: 5

The way of chapter sequencing is easy to follow: understanding strategic management -> external analysis -> internal analysis -> strategy development -> implementation. Every chapter provides ‘Learning Objectives,’ ‘Key Takeaway,’ and ‘Exercises’ from which students can effectively learn about the topics in the chapters. Also, figures, pictures, videos, and other sources are very helpful.

Interface rating: 4

External sources were hyperlinked with the original sources. This book also provides enough space between paragraphs and the next sections. This helps readers. It would be very helpful if the book included an Index at the end of the book.

Grammatical Errors rating: 5

I didn’t find any grammatical errors.

Cultural Relevance rating: 5

This book uses examples from different cultural backgrounds, such as an example of ancient China and wars on Russian soil on pages 18-20 and an example of Starbucks in Korea on page 33.

I'd like to use this book for my Strategic HR management course in the public and nonprofit sectors. Although this book doesn't 100% fit my course, I can use this book to explain and provide core/major concepts of strategic management.

Reviewed by Sergiy Dmytriyev, Assistant Professor of Management, James Madison University on 9/10/23

Comprehensiveness rating: 5 see less

The textbook covers all key topics in the strategic management such as overall strategy, business- and corporate-level strategies, the analysis of external and internal environments, international strategy, organizational design, innovation, etc. Each sections ends with the reference list of the cited sources, and the Glossary of key terms is provided at the end of the book.

The book is well-written which makes it an easy read.

The content is up-to-date, with plenty of contemporary business situations and examples. At the same time, these examples are of general nature and can be used in a classroom for many years ahead, without become obsolete. Having said that, the textbook also has a number of historical examples which is a must to have in order to learn from strategic successes and failures.

The text is written in a more informal way than in some other strategic management textbook. This makes this textbook better perceived by undergraduate students, who are rather more excited by its interesting and accessible prose.

Consistency rating: 4

The textbook utilized common terminology and frameworks used in the strategic management field, and is consistent throughout the whole text. The only thing, sometimes I could have a feeling that there were many interesting narratives and examples, but some of them might not be well connected among themselves, which could make the reading slightly less coherent, though it wasn't a big deal.

Indeed, the text is readily divisible into smaller reading section since many of them start and end in a similar fashion making them standalone pieces. I didn't find many self-references which serves the modality purpose well.

The book is well organized in terms of the sequence of introduced topics and the transitions between them.

Interface rating: 5

The textbook offers an easy-to-follow navigation structure such as a numeration for each section/subsection as well as consistent headings' styles and the use of colors and graphical designs.

I didn't find any grammatical errors or typos in the text which speaks to its high quality.

Cultural Relevance rating: 3

The textbook is full of various examples from different countries which helps keep the reader's mind open to insights from different cultural environments. Yet, I wish there would be more examples with female and minority managers - I realize that today those groups are still underrepresented in leadership roles, but the author could have considered purposefully selecting those stories/backgrounds which may appeal to and inspire different audiences.

Most sections in the textbook end with discussion questions (often provoking ones) which can help with kicking off interactive discussion in class. The key information is summarized in the form of tables or graphs that make it easy to review the summarized learnings. There are also many videos throughout the book which can help break the monotony of reading with interesting visual experiences.

To sum it up, the textbook offers a typical content for a strategic management textbook (in terms of key strategic topics, terminology, theories and frameworks, etc.), yet it does it in a more appealing way compared to some more "formal" available textbooks in the market. In addition to offering discussion questions and exercises at the end of each section, the textbook also utilizes a more accessible prose for undergraduate students, as well as provides many illustrative or summary tables and graphs, as well as short business stories and videos done in an interesting way.

I really like the textbook and this year I started using it in my Strategic Management course.

Reviewed by Jeffrey Gale, Professor Emeritus of Strategic Management, Loyola Marymount University on 4/10/23

[Note: I used the book in my Strategic Management class in Spring 2023 semester. I have, in the past, used the open textbook, Mastering Strategic Management on which this one is based as well as a commercial version of the text which was picked up by a pubisher.] The coverage in the book is pretty standard for Strategic Management texts. It's a little light on implementation/execution particularly on reward systems, strategic leadership and a bit on culture. Like most of the texts, it really doesn't cover the online world. Because it was done in 2020 and used some of the materials some of the materials need newer examples--and to reflect lessons of the pandemic and de-globalization (in Chap. 9) There is a glossary but no index.

The coverage of the book is accurate in the concepts handled.

Relevance/Longevity rating: 4

All strategic management textbooks suffer from obsolescence--it is the nature of the subject matter and the need for ongoing revision of relevant examples. The concepts change more slowly. Use of the book requires instructors to fill that in to make the material relevant. The prior book (from 2020) was not updated for years which made it hard to use. Hopefully this one will be.

The book was extremely well-written and edited. This is remarkable since there was a team who worked on it at VPI. Kudos for doing a good job.

It is consistent. The framework used is very standard in strategic management texts.

The book is well done with coherent chapters and headings and subheading breaking up the text. I was able to use some of the materials out of order.

Strategic management textbooks lend themselves to a logical organization based on the analytic process common to the topic. This book is consistent with that. I did find that references and credits, which are listed in the chapter sections, are a bit distracting and would be better, in my opinion, at the end of the chapters. Likewise, I would prefer that the Exercises be at the chapter end as well. Learning Objectives at the beginning of each chapter are useful as well as the Takeaways in the sections.

My students and I used the PDF version of the book which is pretty standard with only limited jumps for Table of Contents. .

I didn't find any grammatical errors.

Cultural Relevance rating: 4

I did not see anything culturally insensitive or offensive in the book. There is, as is typical in the texts in the field, not a lot of cultural variety. There are no Black or Hispanic business in the examples.

The book did what I wanted it to in the course. I thought that Chapter 7 on Innovation is a bit of a hodge-podge of topics and doesn't flow all that well. The Powerpoint slides that the author made available are very uneven and I wasn't able to really use them--though I didn't really need to since I have taught the course for so long. They are not the equivalent of what commercial publishers provide with their texts. I did not use the text bank that is also available.

Overall, a good quality textbook that is usable with the caveats I raised earlier.

Reviewed by Stephen Horner, Associate Professor, Allen Community College on 6/9/21

Chapter one is a good an example of the type of comprehensiveness that I like. The text addresses most of the major models and concepts within the strategy domain. It also includes examples of strategy and strategic management from antiquity and classic military history encompassing ancient, modern, and postmodern eras. In addition, the critique of strategic management is refreshing to see in an introductory textbook chapter.

I find no glaring inaccuracies.

The cross disciplinary relevance of the text is demonstrated by allusion in chapter one to strategy throughout history. The text also has relevance in terms of relating the topic to contemporary issues.

This text is written at a basic level easily accessible to the common reader and especially suited to today's college senior.

The text uses the A-F-I framework consistently throughout.

The chapter topics are organized following the traditional analysis-formulation-implementation (A-F-I) framework allowing the course to be easily divided into modules. In addition, the authors have developed their own modular framework overlaying the A-F-I model.

The text uses the traditional analysis-formulation-implementation framework while taking a critical asssessment of the use of that framework.

The layout and flow of the text are satisfactory. In addition, I appreciate the smaller chunks in each chapter supplemented by references cited only in those specific chunks.

The writing demonstrates no systematic grammatical difficulties. The use of the Engish language is proper and acceptable.

The authors recognize changing sociocultural values and demonstrate sensitivity of the theory and practice of strategic management to such changes.

I found the text to be quite readable. It spawned in me new ideas for ways of reaching my students.

Reviewed by Yuan Li, Assistant Professor, James Madison University on 5/29/20

The text covers all major topics discussed in a standard strategic management textbook. Some topics that could be included or discussed more in detail are strategic leadership, innovation management, and corporate entrepreneurship. The pdf version... read more

The content is accurate, error-free, and unbiased. However, there are a few typos in the book. Some of the labels are incorrect. For example, Level 3 of Table 10.4 is labeled incorrectly.

The content is up-to-date. For the most part, the examples are classic and do not need to be updated frequently. However, some of the examples, especially those related to movies are dated. Nevertheless, necessary updates can be easily implemented.

One of my favorite things about this text is its clarity. The text is written in a language that is accessible to all undergraduate students, including freshmen. Jargon and technical terms are explained in layman’s terms using real-world examples.

The text is internally consistent in terms of terminology and framework.

The chapters of the text are self-contained and can be individually assigned to students or used as additional readings to supplement a different text.

The structure of the text is clear and follows the structure of a standard strategic management textbook. The only difference is that international strategies are discussed before corporate-level strategies. Many of the tables and the text repeat each other. I think some of the tables can be eliminated.

There are no significant interface issues in the text. There are no hyperlinks in the pdf version of the book. All navigation is done through the search and find function of the pdf reader. The text in the examples and vignettes is too small and hard to read, at least for the pdf version I have. Overall, I would describe it as a no-frills text.

The text contains no grammatical errors.

The text is not culturally offensive in any way. The examples include both American and non-American firms mostly competing in the US market.

This is a great book for an introductory level strategic management class. Students do not have to be a management major to understand the book. Instructors can easily supplement the book with examples that are relevant to the background and major of their students. I find the book an interesting and enjoyable read. The authors did a great job in making strategic management interesting to students.

Reviewed by David Flanagan, Professor of Management, Western Michigan University on 12/12/19

This book covers all the major topics needed in a strategic management course plus a few other useful topics. read more

This book covers all the major topics needed in a strategic management course plus a few other useful topics.

First rate book. Easy to read with no errors (conceptually or grammatically).

All the conceptual information is up to date. I do have students do assignments where they research more recent examples.

Students comment that it is straight forward and easy to read. Key concepts are defined.

The text flows well from start to finish.

The chapters break up the material well as do sections within chapters.

good structure

easy to interface with

Well edited and credibly written

I detected nothing that could be insensitive

The authors are outstanding in their field. Can't find more credible sources.

Reviewed by Jason Kiley, Assistant Professor, Oklahoma State University on 5/21/18

Overall, the book has very good coverage of the topics typically included in a strategy textbook. To be more specific, I reviewed the book against a commercial book that I have used in the past. I looked at 43 topics that is a union of the content I would use across the two books. The commercial book covered 41 topics, and Mastering Strategic Management ("MSM") covered 39. Of the discrepancies, three topics in the commercial book and one topic in MSM were topics that were probably timely when written but are less relevant now. Excluding those, each book had one topic that I would have liked to have seen in the other.

Across a number of topics, the exposition that fit my expectations about the material covered, explanations of the material, and examples that fit the material. Strategy covers a number of models that have been around for some time, and the authors seemed to do a good job of thinking about which models are reasonable to describe as they were conceived and which ones should be adjusted a bit to better reflect the underlying mechanisms or modern circumstances.

One small exception (shared in most strategy books) is the description of the BCG matrix using market share (as originally conceived). That notion is very sensitive to specification of markets, and I've seen more helpful formulations that describe it a little more generally as having dimensions that reflect using and generating cash.

The main content is fine and highly relevant. However, there are some examples which have not aged well. This is not so much the fault of the authors, as the business-relevant content is fine, but an example using Jared from Subway reads very differently in light of subsequent revelations. That is perhaps the most glaring, but there are a few others that have not aged well (e.g., the AppleTV has become reasonably successful in subsequent iterations). That said, this book is well within the norms of example relevance over time.

The book is written directly and clearly. In terms of style, it is more approachable than some alternatives, in part because I never got the sense that the authors were lowering the information density to produce more text.

Terminology and approach are generally consistent. Strategy is at the intersection of other disciplines, so there is often a change of perspective, but that comes with the content. That said, the authors have combined those well into a logical, consistent narrative.

For the most part, this book would be easy to use out of order or as selections. The chapters have numbered subdivisions that are logically coherent, and, in my view, it would be clear to students to assign selections. My initial read suggests that the brief motivating examples to begin chapters and the conclusions of chapters would be helpful to include even if the middle sections are selected from or reordered.

Overall, the organization and flow are consistent and logical, and it generally mirrors that of most strategy books. In a couple of places, the ordering is a bit different (e.g., international strategy before corporate-level strategy), but the broader logic may actually be more linear that way.

I used the epub 3 version of the book. The table elements tended to be built with markup instead of images, so they rendered nicely on a high-resolution display. Cross references were often done with links, and many text boxes were also done with markup, so the book takes advantage of the technology it uses for distribution. Given the prevalence of mobile devices among students, this is a strong positive for this book compared to others.

The writing is clear, error-free, and straightforward, including the consistent use of active voice.

Though the book (like many strategy and business textbooks) has a somewhat US-centric presentation, there are plenty of examples that include diversity along a number of dimensions where that kind of diversity is not the topic of the example. That broad level of inclusiveness is a positive for the book.

Overall, I found the book to be consistently high in quality, coverage, and consistency with other books in this area. Using it as an alternative or replacement for other books should be straightforward. The anonymous authors have done the field and our students a real service in writing this book.

Reviewed by Jiyun Wu, Associate Professor , Rhode Island College on 5/21/18

The book covers key areas of strategic management, much like other strategic management textbooks. read more

The book covers key areas of strategic management, much like other strategic management textbooks.

The content is accurate, though there are a few typos.

Relevance/Longevity rating: 3

The examples are a few years old and need to be updated.

The book is very lucidly written. I think it is one of the best written textbooks.

The book is internally consistent in terms of terminology and framework.

The text is easy to follow.

The topics are organized well and easy to follow.

I didn't encounter any problem with navigation.

I did not detect any grammar errors, although I did find a few typos.

The book is culturally relevant.

Please update the examples and correct the few typos in the text.

Reviewed by Edward Ward, Professor, Saint Cloud State University on 2/1/18

Relative to the other textbooks I have used in my strategic management course, this textbook is comprehensive. Topics include analyzing the environment, leading strategically, selection of business level strategies, ethics, organization design,... read more

This book is accurate as evidenced by the frequent references from both research journals and practitioners' publications. There is little in the way of the author's opinions, rather facts are emphasized.

The relevance of the book is excellent in that historical examples are often used, which by definition will not need to be updated. The examples of recent strategy uses (e.g. a goal by Coca-Cola on page 40 is for 2012) are in need of only slight modifications.

This is the paramount strength of the book. When the vocabulary (i.e. jargon) of strategic management is used, facile explanations and examples are used to clarify the term. An example is Figure 2.5, which explains financial performance measures for students who did not major in finance or accounting.

What is admirable as to the book's consistency is it's sequence of chapters, such as starting with "Mastering Strategy" as chapter one, through "Selecting Business Level Strategies" in the middle of the text, and concluding with corporate governance and ethics. There is also consistency in terms of the key takeaways and exercises throughout the book.

This is another strength of the book. For example, in clarifying "Entrepreneurial Orientation" sections such as "Autonomy", "Competitive Aggressiveness", and "Innovativeness" are presented in small sections that in total describe the term. This is done consistently in the book, such as in chapter eight the terms vertical integration, backward vertical integration, and forward vertical integration.

The topics are presented in a deductive order, starting with a superordinate term such as "Strategies for Getting Smaller", followed by retrenchment and restructuring. By describing a construct by its dimensions, the construct is more readily understood by students.

I don't think there are any such problems.

There are not any grammatical errors. I do think the reading level is for undergraduates rather than MBA students.

The photographs and examples are varied in terms of surface characteristics.

It is superior to my present textbook in terms of being written in a conversational style, which is complemented by useful tables such as 8.7 on page 293. These tables and other graphics will assist students with a visual learning style. The only negative that comes to mind is if this textbook is to be used for a MBA course, outside readings will need to be assigned.

Reviewed by Jorge Zazueta, Adjunct Professor, American University on 2/1/18

The book covers all the standard topics in Strategic Management in a well-structured and cohesive manner. The table of contents provides detail on contents and the interactive PDF version is an excellent way to navigate the text. Electronic... read more

I didn't find any inaccuracies or biases in the text (although I ran into a few minor typos). Each concept follows a critical discussion inviting the reader to reflect on the topic, rather than being dogmatic.

The topics covered are well established Strategic Management ideas with direct application in actual business practice, making the content both relevant and time enduring.

Clarity rating: 4

The book is clearly written and enjoyable. It provides straight commentary on the ideas discussed and is very easy to read. A minor drawback is that it lacks memorable design around many of the classic frameworks. For example, when discussing the diamond model in chapter 7, its elements are defined in the form of a table--rather than in a diamond shape.

The narrative is consistent throughout both in depth and style.

While the content follows a logical path, chapters are concise and mostly stand-alone, making it easy to use individual chapters or to tailor content for a class.

The topics follow a standard order of ideas in a consistent and logical flow, while maintaining modularity.

The interactive PDF version is clean and easy to use. A comprehensive table of contents is always available without being intrusive and the book is fully searchable. Making it convenient for student research or review. A keyword search results in a list of references to different chapters in the book, with a short summary of the content discussed.

Grammatical Errors rating: 4

Other than a few minor spelling typos. I found no errors.

The nature of the book is mostly transparent to cultural issues. Examples are business focused and do reflect a wide world view.

It is a great introductory text to Strategic Management. It covers all the standard material in a concise, easily accessible way. I would have enjoyed a bit more quantitative material, such as basic formulas from economics or discussions about how to quantify market competitiveness for example. Perhaps, that´s the material for a second book….

Reviewed by Bill Rossman, Instructor, Penn State University on 2/1/18

The book covers the major topics expected to be covered in a strategic management textbook. read more

The book covers the major topics expected to be covered in a strategic management textbook.

The material covered in the textbook is accurate and error-free.

Th material is up-to-date, however, some of the examples in the book could quickly become outdated. For example, there is an example referencing a 2001 movie which students may not understand. The book could easily be updated to keep examples up-to-date.

The book is clearly written without unnecessary jargon. Definitions for key terms could be emphasized to help students identify key terms and concepts. Additionally a glossary would be beneficial for students to quickly reverence the definition of key terms.

The book is consistent with other texts on the topic of strategic management.

The book is modular and chapters could be reorganized without issue. Instructors could assign chapters or subsections as they see fit without loss of educational value.

The book flowed well, the only change I would make is to move the corporate-level strategies to follow the business-level strategies. The instructor could easily make this change when assigning chapters in the textbook.

I did not encounter any issues with the interface of the textbook. The location of charts and images were appropriate and supported the material.

The book was free of grammatical errors.

The text was not insensitive or offensive.

Supporting material such as glossary, online assignments or self check exercises could be included. Overall, the book is well thought out and easily adaptable for instructors to use.

Reviewed by Sam Cappel, Professor, Southeastern Louisiana University on 6/20/17

I found the book to be comprehensive, covering in detail important parts of strategic management. read more

I found the book to be comprehensive, covering in detail important parts of strategic management.

I found the book to be accurate and well referenced. Examples were used which were most instrumental in helping students to understand important concepts.

The text is written and/or arranged in such a way that necessary updates will be relatively easy and straightforward to implement. Many of the examples used are classic or very timely. It would require little work to update concepts and examples.

The book is written without unnecessary jargon. Terms commonly used in the study of Strategy are fully explained.

The framework of the book allows for easy transitions from one topic to another. Throughout the book there is consistency in the straight forward approach to topics. There is a consistent attempt within this book to explain complex concepts in such a way as to allow undergraduate students to master them easily.

Modularity rating: 4

The text is well divided into a logical sequence of intuitively developed reading sections. Sections within the book serve to reduce confusion which can occur when learning a subject area with the diversity and complexity of Business Strategy

Organization/Structure/Flow rating: 4

I like the flow of the text but prefer a flow which started by simply following the strategic management process step by step.

I had no issues with the interface of the textbook. Navigation was simple and charts were well placed and clear.

I found no grammatical errors i the text.

Culturally the book was sensitive in dealing with issues such as ethics and the role of diversity in the workplace.

With the current push for on-line offerings I feel that it is now imperative that offerings include test banks, power-points, on-line readings, films and perhaps simulation tools that can be used on-line. I love the book for in-class use but feels that it does not offer enough support to be viable for extensive on-line offerings,

Reviewed by Cynthia Steutermann, Multi-Term Lecturer, University of Kansas on 8/21/16

Comprehensiveness rating: 3 see less

This book does a somewhat good job of covering many aspects of strategic analysis. For instance, the discussions relative to cost leadership, differentiation, and focused strategies were good. However, I found this book to be lacking in critical discussion areas, such as the importance of evaluating a firm's internal financial assets. While it mentioned current ratio, debt to equity ratio, and net income .. it does not show how to calculate those ratios. And, there are many, many more financial ratios that should be covered in great detail to effectively analyze an organization's internal financial capabilities. This was an area I would consider to be seriously lacking in content.

Other critical areas missing from this textbook were the discussion of entrepreneurial strategy and competitive dynamics, as well as managing innovation and corporate entrepreneurship. Likewise, this textbook did not include any strategic management cases which greatly supports a student's ability to apply concepts to a multi-page case of an organization they may be familiar with.

Also, while there was included on the website a table of contents, no such table of contents exists in the .pdf version that students would actually use. In general, this book is not written at the level of sophistication and comprehensiveness I would expect to use for college students, particularly since a strategic analysis course is often taught as a capstone course (undergraduate senior level of student). In my opinion, this textbook is written more at the senior in high school or college freshman level.

Content Accuracy rating: 4

The book's accuracy is adequate, although there are many areas of strategic analysis which I would consider to be missing in this textbook.

The one area of relevance and longevity I found to be questionable was the various references to "At the Movies". Some of the movies are quite dated and students may not have even heard of them. Or, if they have heard of the movie, they may not have seen it. While the intent seems to be a creative way to illustrate basic concepts, the use of movies is not (in my opinion) the most relevant way to accomplish this, at least to the extent that this is repeated throughout the textbook.

The book is written clearly, although not at the college reading level I would expect it to be written at.

Consistency rating: 3

The text is inconsistent since it references certain figures that actually do not exist. For instance, the Boston Consulting Group (BCG) matrix is referenced to be in figure 8.7. There is no BCG matrix figure, nor any figure 8.7. In fact, there are very few figures in the book. There are some pictures (unidentified mostly) but no figures that illustrate important concepts.

The book's modularity is done well. Within each chapter there are several smaller reading sections.

The book's organization/structure flow is generally good. I believe the organization and flow would be better if corporate-level strategies followed business-level strategy, and then the chapter about international markets would follow after that. This textbook, instead, has business-level strategy, international markets, then corporate-level strategy.

The images are generally not distorted, although on page 172 the Arby's graphic and text are out of proportion. Page 177 includes some type of graphic that is only shades of grey. I don't know what that is intended to represent.

The text contains no grammatical errors that I observed.

The text is not culturally insensitive or offensive in any way that I observed.

Reviewed by Daniel Forbes, Associate Professor, U. of Minnesota on 6/10/15

The book covers most of the chapters commonly found in a strategy textbook, and the content within each chapter is also similar in terms of the key topics & models addressed. One exception is strategic entrepreneurship, which is not covered as a separate chapter as is often the case but is instead partially covered under "Entrepreneurial orientation" within Chapter 2, "Leading strategically". Another exception is that there is only one chapter on corporate strategy, whereas many books have a second chapter on strategy alternatives (M&A, etc.). However, some of this content has been folded into the corporate strategy chapter. The PDF I reviewed did not contain a glossary or index.

The book provides an accurate introduction to contemporary strategic management. The authors' perspective is consistent with mainstream scholarly views in the field.

Most strategy textbooks tend to gravitate towards concepts and models that have a relatively long "shelf life," and this one is no exception. The book contains current examples and timely content. The book also does a good job presenting strategy in ways that undergraduate students, in particular, will find relevant. It does this through an emphasis on familiar, everyday brands (Facebook, Redbox) and through cultural references, such as its "Strategy at the movies" segments, which link concepts in the book to recent popular films.

The book is written in clear and accessible prose, and it carries a sense of humor. At times I would have liked to see clearer definitions that were easier to find in the text (e.g., highlighted or placed in sidebars). For example, the concept of "cost leadership" is introduced with good examples, but a concise definition seems lacking. Having clear definitions on key concepts is helpful to students studying for exams and for faculty who want to check concepts for consistency across materials without re-reading entire sections.

The book is internally consistent. It provides a framework for understanding strategy that is coherent and, at the same time, generally consistent with other major texts.

The text seems modular, and reorganizing the material is unlikely to pose a problem. It would be easy to rearrange the materials within a strategy course - provided, of course, that foundational concepts (e.g., "capabilities") have been established early on, as would be required in working with any major strategy text.

The book's flow is logical and it adheres to a structure that is common in strategy texts. One slightly unusual sequencing is the presentation of international strategy before corporate strategy (the reverse is more common), but these two chapters remain adjacent and there is a reasonable case for doing this. Given the overall modularity of the book, moreover, instructors can rearrange chapters as they see fit without much difficulty.

The interface reflects the thoughtful and creative selection of accompanying visual materials, especially photos and illustrations. There are fewer charts and tables than in the average strategy text. Some instructors and MBA students might find the text easier to navigate with fewer visual interruptions overall and perhaps more data or charts included in addition to the pictures. Overall, I think this interface that would be well received by undergraduate students, in particular.

The book's grammar is fine.

The book does not appear to be culturally insensitive. Examples are drawn primarily from the U.S., as is common in many major strategy texts, but there are also many examples drawn from outside the U.S.

Overall, I think this book is a very solid and worthwhile contribution to the set of available strategy textbooks. A particular strength of the book is its accessible writing style and its selection of "user-friendly" illustrations and examples. I think the book would be especially well-suited to first-time students of strategy who seek a general introduction. I also like that the book avoids delivering long, arbitrary lists of items in presenting material (e.g., "the nine reasons firms do acquisitions"), which is a common weakness of strategy textbooks. Instead, this book is generally succinct and reasonably comprehensive. At the same time, instructors & students seeking a more advanced treatment of strategy may find coverage of some topics to be relatively light. For example, limitations of the 5 Forces model are only briefly addressed and issues of industry evolution do not seem to be addressed.

Reviewed by David Try Ph.D., Instructor , Northwest Community College on 10/9/13

I found this text to be well-written and high quality, with up-to-date material, examples and case studies. In my experience, both as an instructor and retired practitioner, this textbook covers all basic concepts and topics at an appropriate depth for an Introduction to Business Strategy/Policy course. The backend - index, glossary, on-screen reader and search engine - were accurate and faultless.

Diagrams, tables and case studies were up-to-date, professional quality and accurate. I found the text well supported by the supplemental teaching resources (quizzes, PowerPoint's, teaching notes, etc.) As with any USA based textbook, and to be fair hardly unique to this one, the content is USA-centric. Examples and in-text case studies do tend to examine issues through the lens of USA companies, and occasionally USA laws/regulations. Within this caveat, all material was well-edited, error-free, unbiased and including appropriate supplemental instructor material.

As with most introductory courses, the basic components of Business Strategy tend not to change rapidly. New tools, techniques, occasionally fads, as well as the inevitable rebranding (i.e. Management by Objectives [MBO] becomes Outcome Based Key Performance Indicators) are adopted by Business relatively slowly. The textbook covers certain recent advances in strategic and policy, as appropriate for a textbook at an introductory level. Looking forward, advances to this textbook would tend to focus on maintaining current and timeliness of in-text examples, update trends and data, and incorporate emergent strategies which could emerge in response to changing economic, business or global events, such as a global recession.

The textbook to be quite readable and engaging, and makes good use of current business examples. Terms and business jargon are properly defined, both within the text and by using small ‘call-out' (?) boxes on the side of pages and through the use of examples.

The concepts and ideas in the textbook are presented in a clear and logical order. Terminology is used consistently. As well, I found the ‘readability' of the textbook to be internally consistent – with no sense that different authors/editors had writte

The material is covered in 12 chapters, with 2 to 4 sections each, making it easy to assign weekly readings and cover the content within one semester. Chapters are fairly consistent in length and complexity. Instructors have the option to re-organize the course / subject order prior to students downloading the textbook should they wish. The text is not overly self-referential.

The flow or order of idea/concept presentation is consistent to most Strategy texts, and appropriate for an introductory textbook. Within Chapter layout is consistent; each chapter begins with "Learning Outcomes" and concludes with "Key Takeaways" and exercises, which can be assigned as homework.

Neither I, nor any of my students, experienced any interface issues at all. The underlying technology appeared faultless. The navigation process is logical and all images and text were clear and high quality, even on smaller e-reading devices. As well, color use is consistent, assisting in overall navigation. Interestingly, as the first e-textbook for NWCC Business, my students appreciated the ability to perform in-text searches and hyper-link to external electronic references (in text URLs), as well as textbook's cost of course!

I found zero (0) grammatical errors, or ‘broken' URL links. Well edited

This text is not culturally or sexually insensitive, or offensive. Overall, examples are based on business culture with limited applicability on cultural relevance. One chapter focuses on Ethics and Social Responsibility and examines these issues from a strategic perspective, with examples. However, the focus is principally from a business perspective, as compared to social, legal or moral perspectives. As the text is fairly USA-centric, Canadian students may feel that Canadian and possibly Asian business strategies should receive greater emphasis.

Overall, I was very impressed with the quality and professionalism of the text. A ‘newbie' to e-textbooks, I was surprised by the usefulness of additional features available with electronic textbooks (searching, imbedded URLs, etc.). As noted above, the textbook content is somewhat USA-centric. Examples and in-text case studies tend to focus on USA companies, and occasionally USA laws/regulations. However, given the highly integrated nature of Canadian and USA business environments, there is some value in this. And, it was certainly not difficult to incorporate Canadian examples into the Lectures. This review originated in the BC Open Textbook Collection and is licensed under CC BY-ND.

I. Chapter 1: Mastering Strategy: Art and Science
II. Chapter 2: Assessing Organizational Performance
III. Chapter 3: Evaluating the External Environment
IV. Chapter 4: Evaluating the Internal Environment
V. Chapter 5: Synthesis of Strategic Issues and Analysis
VI. Chapter 6: Selecting Business-Level Strategies
VII. Chapter 7: Innovation Strategies
VIII. Chapter 8: Selecting Corporate-Level Strategies
IX. Chapter 9: Competing in International Markets
X. Chapter 10: Executing Strategy through Organizational Design
XI. Chapter 11: Leading an Ethical Organization: Corporate Governance, Corporate Ethics, and Social Responsibility

Ancillary Material

Virginia Tech Publishing

About the Book

STRATEGIC MANAGEMENT offers an introduction to the key topics and themes of strategic management. The authors draw on examples of familiar companies and personalities to illustrate the different strategies used by today’s firms—and how they go about implementing those strategies. Students will learn how to conduct a case analysis, measure organizational performance, and conduct external and internal analyses. In short, they will understand how organizations operate at the strategic level to be successful.

An older version of Mastering Strategic Management (2015) by University of Minnesota Libraries Publishing can be found here: https://open.lib.umn.edu/strategicmanagement/

About the Contributors

Reed B. Kennedy, Associate Professor of Practice, Pamplin College of Business, Virginia Tech

Reed B. Kennedy is an Associate Professor of Management Practice in the Management Department, where he teaches management courses. He began his career as a naval officer before entering his primary career in healthcare administration, where he served in senior executive roles in various hospitals for over 20 years. He then worked as a business consultant for the Small Business Development Center for the New River Valley at Radford University. His education includes a Bachelor of Science in Aerospace Engineering from the U.S. Naval Academy, a Masters of Healthcare Administration from Medical College of Virginia / Virginia Commonwealth University, a Masters in Public Health and a Graduate Certificate in Global Planning and International Development from Virginia Tech. Reed served as the chief textbook reviser on this project. He worked with the contributor and editorial teams from project start to completion.

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Business strategy |
How to implement a strategic management ...

How to implement a strategic management process

Strategic management is the ongoing process of strategy formulation, evaluation, and improvement in order to gain a competitive advantage. Learn about the five stages of strategic management and how implementing a strategic management process benefits your organization.

Clear eyes, full hearts, can’t lose. When your team has a clear sense of where you’re going and why, they’re empowered to get their best work done efficiently and effectively.

But building that level of clarity takes time—and effort. That’s where strategic management comes in. In this article, we’ll take a look at what strategic management is and how your team can benefit from the strategic management process.

What is strategic management?

Strategic management is the organization and execution of business resources in order to achieve your company goals. This isn’t an individual initiative but rather an ongoing process of strategy formulation, evaluation, and improvement in order to gain a sustainable competitive advantage.

The strategic management process includes:

Long-term, large-scale goal setting, like BHAGs

SWOT analysis

Strategy evaluation

Internal analysis of your organizational structure

Analysis of your external, competitive environment

Strategic planning

Process implementation plans to achieve your organization’s objectives

Competitive strategy implementation

Strategic management might sound similar to several other critical business elements. Here’s how it stacks up in the business environment.

Strategic management vs. strategy

At first glance, strategic management and strategy seem like the same thing. The easiest way to differentiate between the two is to think of strategic management as the implementation of your corporate strategy.

In a business setting, strategy is the process of formulating decisions to hit your organization’s goals. An effective strategy is critical to help your business team understand what your priorities are and where you’re going. But to put the strategy into motion, you need strategic management. Strategic management takes your competitive environment into account and factors in how you’ll execute against your company’s strategy.

Strategic management vs. strategic planning

A strategic plan is a tool to define where your organization wants to go and what actions you need to take to achieve those goals. Strategic planning is the process of creating a plan in order to hit your strategic objectives.

Strategic management includes the strategic planning process, but also goes beyond it. In addition to planning howyou will achieve your big-picture goals, strategic management also helps you organize your resources and figure out the best action plans for success.

Strategic management vs operational management

Even though the terms are very different, strategic management is often confused with operational management. Operational management is what your company does. This includes your organization’s value chain—in other words, the processes and practices your organization does on a regular basis in order to deliver a final product, good, or service.

If operational management is the “what,” strategic management is the “why” and “how.” To start, strategic management helps you define why you’re prioritizing different business initiatives and what you’re aiming to achieve in the long term. Then, during the implementation and planning phase, strategic management also defines how you’ll achieve your goals.

Strategic management example

Strategic management helps companies achieve ambitious goals that require strategic alignment across departments.

For example, imagine your company is introducing a brand new service line and wants to implement a strategic management process to ensure execution goes smoothly. You’ll first want to evaluate a few things about your current processes and future goals.

What are the goals of introducing a new service?

What areas have we struggled with in the past?

What is our budget?

How can we differentiate ourselves in our industry?

By using the strategic management process, you can use the questions above to create a coordinated plan that helps you reach your target goals. Keep reading as we break down the five stages of the strategic management process along with some benefits strategic management can have for your organization.

5 stages of the strategic management process

The important concepts of strategic management can be viewed in five stages:

1. Identify your goals

The first step in the strategic management process is to evaluate where you’re going, and why. Ideally, you already have some goal materials in place, including:

Your vision statement

Your mission statement

Your long-term goals and/or BHAGs

Your company’s core competencies

There are additional documents you can consider at this point, including:

Your strategic plan

Your yearly objectives, OKRs , and KPIs

It’s critical to identify your goals and plans in order to understand how you’re going to achieve them. Your goals form the basis of your strategic decisions.

2. Analyze your current situation

Once you’ve compiled a list of where you want to go, it’s helpful to get a bearing on where you are. The second step of strategic management is to take a look inwards at your current processes. If you haven’t already, run a SWOT analysis to get a better understanding of your organization’s strengths, weaknesses, opportunities, and threats.

Also consider:

What’s currently working?

What competitive advantages does your company have?

What isn’t working?

What, if any, operational issues have you run into?

What is your current market share, and how does it compare to your goals?

What are your current business needs, and are they being met?

What, if anything, could potentially impact your organization’s goals?

How does the external environment (including public opinion and the competitive environment) impact your business?

How does your internal environment (including your operations, employee retention and satisfaction, and team morale ) impact your business?

What does your organization need to do to achieve profitability?

3. Form your strategy

If you haven’t already, this is the step where you build your strategic plan to describe exactly where you want to go and how you plan to achieve those goals. Depending on your organization, and whether or not you’re a new business, this is also when you’d use business process management (BPM) to improve processes.

Key questions to ask during this stage include:

What steps do you need to take to reach your goals?

How will you measure success?

What are your current processes, and are you able to achieve your goals with them?

4. Implement your strategy

You’ve identified your strategy—now it’s time to put it into action. The fourth step of the strategic management process takes the longest. This is where you implement your strategic plan and see it come to life.

This step depends largely on your business strategy. Essentially, you’re deciding which processes you need to evaluate, monitor, and improve—and putting those process improvement plans into action. This includes anything from better resource allocation or implementing business process automation (BPA) to streamline processes, to developing a company-wide project management office (PMO) .

Remember that implementing your strategy is a long-term process. In addition to your long-term strategic goals , make sure to set short-term goals to guide your strategy implementation and make sure you remain on track.

5. Evaluate your process

Strategic management isn’t a one-and-done thing. Your management strategy and business environment also change as your company matures. Similar to how you should revisit your strategic plan every three to five years, make sure you’re revisiting your overall strategic management plan regularly as well. Take into consideration any new potential threats, relevant success metrics, and developing avenues your business may want to pursue.

Strategic management frameworks

There are a number of frameworks that can help you approach strategic management. Some of the most popular include:

A SWOT analysis guides you in identifying your strengths, weaknesses, opportunities, and threats for your business strategy. When working through the strategic management process, factor a SWOT analysis into the “Analyze” phase, as it helps establish your baseline and where you can go from there.

Balanced scorecard

A balanced scorecard can help you evaluate four major elements of a business: learning and growth, business processes, customer satisfaction, and financial performance. By analyzing these aspects separately, you can visualize where your organization has a competitive advantage and where you can make improvements.

Like a SWOT analysis, this framework can help you during the “Analyze” phase, as it dives into your baseline for each aspect of your business model.

Value chain analysis

The value chain describes the systems and processes involved in producing new products or services. Analyzing the value chain allows organizations to identify opportunities for improvement within the project life cycle. Some questions that come from value chain analysis include:

Is there an opportunity for cost reduction?

Can we streamline this process?

What can we do to make our product or service different from competitors?

Diving into a value chain analysis will help you pick apart your process and add more specific plans to your strategic management process.

Why is strategic management important?

Strategic management benefits every level of your organization. While the process takes time, energy, and effort, the upsides are immense and echo throughout the entire organization. With effective strategic management, you’re building:

Clear plans on how you’ll reach organizational goals

At its core, strategic management is a roadmap for achieving company goals. Using the frameworks stated above, strategic management paints a clear picture of an organization’s goals and outlines the path to reach them.

A team-wide understanding of organizational priorities

The strategic management process ensures that your goals align with what’s best for your organization. By diving into techniques like SWOT analyses and value chain analyses, you’ll discover what opportunities should be at the forefront of your improvement efforts.

Strategic alignment across the organization

When you establish and communicate your company’s goals and priorities, strategic improvement will trickle down from the leadership level to the whole organization.

The strategic management process is so effective because it takes strategic initiatives from ideation to execution. By establishing the right goals in the first stage of the process, you’ll find your whole organization aligned with the plan to achieve them.

An ongoing business process

Perhaps the most beneficial aspect of the strategic management process is that it creates a system that is ongoing. The end result of the strategic management process should be a new system that you can tweak as your company evolves.

Reach new heights with strategic management

Strategic management doesn’t happen in a vacuum. You need key business units and project stakeholders to buy into your strategic plan. Effective strategic management permeates all levels of your organizational structure and factors in all of your organization’s resources in order to build the best long-term strategy for your business.

Related resources

9 steps to craft a successful go-to-market (GTM) strategy

Unmanaged business goals don’t work. Here’s what does.

How Asana uses work management to effectively manage goals

Beat thrash for good: 4 organizational planning challenges and solutions

Strategic Management Assignments (10 Best Writing Steps)

3 month(s) ago

Table of Contents

I. Introduction

II. Understanding Strategic Management Assignments

III. Significance of Assignments in Learning Strategic Management

IV. Types of Strategic Management Assignments

V. Crafting an Effective Strategic Management Assignments

VI. Common Challenges in Strategic Management Assignments

VII. Tips for Successful Completion

VIII. Balancing Innovation and Tradition in Strategic Assignments

IX. Assessing Success in Strategic Management Assignments

X. Conclusion

A. Importance of Strategic Management Assignments

Strategic Management Assignments play a pivotal role in shaping the future leaders of organizations. These assignments serve as a crucial bridge between theoretical knowledge and real-world application, requiring students to analyze complex business scenarios and make informed decisions. By engaging in tasks such as case studies, research papers, and simulation exercises, students develop essential skills in critical thinking, problem-solving, and strategic planning.

The practical application of strategic management concepts through assignments ensures that learners not only grasp theoretical frameworks but also cultivate the ability to navigate the dynamic challenges of the business landscape. As a result, these assignments contribute significantly to the holistic development of individuals, preparing them to excel in strategic decision-making roles within diverse industries.

B. Overview of the Article's Focus

The focus of this article revolves around the comprehensive exploration of Strategic Management Assignments. Providing an insightful overview, the article delves into the significance, types, and crafting of these assignments. It sheds light on their crucial role in bridging theoretical knowledge with practical application, emphasizing the skills developed through case studies, research papers, and simulation exercises.

With a strong emphasis on successful completion, the article addresses common challenges, offers practical tips, and provides a roadmap for students to navigate the intricate landscape of strategic management assignments. Through this overview, readers will gain a nuanced understanding of the importance and intricacies involved in these assignments, setting the stage for a deeper exploration in the subsequent sections of the article.

A. Definition and Purpose

In the realm of academia and business education, Strategic Management Assignments form a crucial facet, embodying the essence of decision-making power and foresighted planning. The term "strategic management" refers to the comprehensive analysis, formulation, and implementation of organizational goals and initiatives with the aim of achieving sustained competitive advantage.

The purpose of these assignments is twofold: firstly, to equip students with a profound understanding of strategic concepts, frameworks, and tools; and secondly, to cultivate the ability to apply this knowledge to real-world situations. These assignments challenge individuals to scrutinize and synthesize information, fostering critical thinking and honing the skills necessary for effective leadership. In essence, they serve as a bridge between theoretical knowledge and practical application, preparing future professionals to navigate the complexities of strategic decision-making in the dynamic business environment.

B. Key Components and Frameworks

Strategic Management Assignments are structured around key components and frameworks that serve as the backbone for effective decision-making in organizational contexts. One fundamental element is the SWOT Analysis , which assesses internal Strengths and Weaknesses along with external Opportunities and Threats. This provides a holistic view for strategic planning.

Another pivotal framework is the PESTEL Analysis, evaluating Political, Economic, Social, Technological, Environmental, and Legal factors influencing strategic decisions. Additionally, these assignments often delve into Porter's Five Forces model, examining the competitive forces within an industry. Understanding these key components and frameworks empowers students to dissect complex business scenarios systematically, laying the groundwork for informed and strategic decision-making in the ever-evolving business landscape.

1. SWOT Analysis

In the realm of Strategic Management Assignments, the SWOT Analysis stands out as a cornerstone framework, providing a structured approach to assess internal and external factors influencing an organization. SWOT, an acronym for Strengths, Weaknesses, Opportunities, and Threats, serves as a powerful diagnostic tool. It requires a thorough examination of an organization's internal strengths and weaknesses, such as resources, capabilities, and limitations.

Simultaneously, it explores external factors, identifying potential opportunities for growth and threats to the organization's well-being. The SWOT Analysis enables a comprehensive understanding of the current strategic position, aiding in the formulation of strategies that leverage strengths, address weaknesses, capitalize on opportunities, and mitigate threats. This framework is integral to Strategic Management Assignments, fostering a strategic mindset and laying the groundwork for effective decision-making in complex business scenarios.

2. PESTEL Analysis

Within the framework of Strategic Management Assignments, the PESTEL Analysis is a pivotal component, offering a systematic examination of external factors that can influence an organization's strategic decisions. PESTEL, an acronym for Political, Economic, Social, Technological, Environmental, and Legal factors, provides a comprehensive lens through which to view the external business environment. Political factors consider the impact of government policies and regulations, while Economic factors assess economic conditions and trends.

Social factors delve into cultural and societal influences, and Technological factors evaluate the role of technology in the industry. Environmental and Legal factors scrutinize ecological concerns and legal considerations, respectively. The PESTEL Analysis, by exploring these facets, equips individuals with insights crucial for strategic planning, helping them anticipate and adapt to the dynamic external forces shaping the business landscape. In the context of assignments, mastering the PESTEL framework enhances students' analytical skills and strategic thinking, preparing them for effective decision-making in the ever-evolving business world.

3. Porter's Five Forces

Porter's Five Forces is a crucial framework within the realm of Strategic Management Assignments, providing a structured analysis of the competitive forces that shape an industry. Named after Michael E. Porter, this framework assesses the dynamics within the market, considering the threat of new entrants, bargaining power of buyers and suppliers, the threat of substitute products or services, and the intensity of competitive rivalry.

Through this lens, students engaging in Strategic Management Assignments gain valuable insights into the industry's competitive landscape. By evaluating these forces, they can identify strategic opportunities, understand potential risks, and formulate effective strategies that enhance an organization's competitiveness and resilience in a dynamic business environment.

C. Role of Strategic Management in Organizations

The role of Strategic Management in organizations is pivotal, serving as the compass that guides the direction, growth, and overall success of a business. At its core, Strategic Management involves the formulation and implementation of strategies to achieve organizational objectives and maintain a competitive advantage. This process encompasses a variety of activities, including setting goals, analyzing internal and external environments, making informed decisions, and adapting to changes in the business landscape.

Strategic Management acts as the cohesive force that aligns the organization's resources, capabilities, and activities towards a common purpose. It fosters a proactive mindset, allowing organizations to anticipate challenges, capitalize on opportunities, and navigate uncertainties. In essence, Strategic Management in organizations is not merely a theoretical exercise but a dynamic and ongoing process that empowers entities to thrive in today's ever-changing and competitive business environment.

A. Practical Application of Theoretical Concepts

The significance of Strategic Management Assignments in learning lies in their ability to bridge the gap between theoretical concepts and practical application. These assignments offer students a tangible platform to apply abstract strategic theories to real-world scenarios. By engaging in tasks such as case studies and simulation exercises, learners not only understand strategic frameworks but also cultivate the skills needed for practical decision-making.

This hands-on approach ensures that theoretical knowledge is not just absorbed but actively implemented, fostering a deeper understanding of strategic principles and preparing students for the challenges of strategic management in professional settings. In essence, the practical application of theoretical concepts through assignments enhances the learning experience, making it more dynamic, relevant, and conducive to developing the strategic thinking required in today's complex business landscape.

B. Skill Development in Critical Thinking and Decision-Making

The significance of Strategic Management Assignments in learning extends beyond theoretical comprehension to the crucial realm of skill development, particularly in critical thinking and decision-making. These assignments challenge students to analyze complex business scenarios, evaluate strategic options, and make informed decisions based on available data.

The process encourages the cultivation of analytical skills, the ability to assess risks, and the aptitude for strategic problem-solving. As students grapple with real-world challenges presented in assignments, they hone their critical thinking abilities, learning to navigate uncertainties and make sound decisions in dynamic business environments. Ultimately, the significance lies in equipping learners with practical skills that are invaluable not only in academic settings but also in their future roles as strategic decision-makers in the professional world.

C. Enhancing Analytical and Research Abilities

The significance of Strategic Management Assignments in learning is underscored by their role in enhancing analytical and research abilities. These assignments require students to delve into in-depth analyses of industries, companies, and market trends. By conducting thorough research, students learn to extract relevant information, interpret data, and draw meaningful conclusions.

Engaging in such analytical processes not only strengthens their research skills but also hones their ability to critically evaluate and synthesize complex information. As a result, Strategic Management Assignments contribute significantly to the development of students' analytical prowess, providing them with valuable tools for dissecting business challenges and making well-informed strategic decisions in their academic and future professional endeavors.

A. Case Studies

Case studies represent a fundamental category among the various types of Strategic Management Assignments. These assignments immerse students in real-world business scenarios, requiring them to apply strategic management concepts to analyze, interpret, and solve complex problems. Through case studies, students gain practical insights into the challenges faced by organizations and develop the ability to formulate strategic solutions.

This type of assignment encourages a holistic understanding of strategic management principles by bridging theoretical knowledge with practical application. Engaging with case studies not only deepens students' comprehension of strategic frameworks but also cultivates critical thinking and decision-making skills, making it an essential component in preparing individuals for the dynamic and multifaceted challenges of strategic management in the professional arena.

1. Analyzing Real-world Scenarios

Case studies, a crucial type of Strategic Management Assignment, immerse students in the dynamic realm of real-world business scenarios. In these assignments, students delve into authentic situations, analyzing the intricacies of organizations facing strategic challenges. By dissecting these cases, students not only apply theoretical concepts but also develop a nuanced understanding of how strategic decisions impact the success or failure of businesses.

The emphasis on analyzing real-world scenarios enhances practical knowledge and sharpens critical thinking skills. Case studies, as a strategic management assignment type, serve as a bridge between theory and application, preparing students to navigate the complexities of strategic decision-making in the professional landscape.

2. Extracting Lessons for Decision-Making

Strategic Management Assignments, particularly those focused on case studies, go beyond theoretical exploration to the practical realm of extracting lessons for decision-making. In these assignments, students are tasked with not only understanding the intricacies of real-world scenarios but also distilling valuable insights that can inform strategic decisions.

By extracting lessons from the experiences of organizations facing challenges, students gain a practical understanding of how strategic choices impact outcomes. This emphasis on drawing applicable lessons enhances decision-making skills, enabling students to navigate future challenges with a well-informed and strategic mindset. Thus, these assignments serve as a crucial training ground, preparing individuals to make effective decisions in the ever-evolving landscape of strategic management.

B. Research Papers

Research papers stand as a prominent category among the diverse types of Strategic Management Assignments. These assignments require students to delve deep into academic and industry literature, conducting extensive research on specific strategic management topics. By synthesizing information from various sources, students not only demonstrate a comprehensive understanding of theoretical frameworks but also contribute to the existing body of knowledge in the field.

Research papers foster the development of critical analysis, synthesis, and presentation skills, as students must articulate their findings in a clear and coherent manner. Through this assignment type, students not only engage with strategic theories but also actively contribute to the discourse, preparing them for the rigors of strategic decision-making in academic and professional contexts.

1. In-depth Exploration of Strategic Concepts

Strategic Management Assignments, particularly those centered on research papers, facilitate an in-depth exploration of strategic concepts. These assignments go beyond surface-level understanding, requiring students to delve deeply into the core principles and theories of strategic management. By conducting thorough research and analysis, students gain a nuanced comprehension of strategic frameworks, contributing to a more profound mastery of the subject.

In exploring strategic concepts in depth, students not only enhance their theoretical knowledge but also develop the analytical skills needed to navigate the complexities of strategic decision-making. This type of assignment serves as a valuable platform for students to deepen their understanding of strategic concepts and prepares them for applying this knowledge in real-world scenarios as future strategic leaders.

2. Demonstrating Comprehensive Understanding

Strategic Management Assignments, specifically those involving research papers, play a pivotal role in demonstrating a comprehensive understanding of strategic concepts. These assignments necessitate a thorough exploration of theoretical frameworks, requiring students to delve deeply into the intricate facets of strategic management.

By synthesizing information from various sources, students showcase their grasp of key concepts, industry trends, and academic perspectives. The emphasis is not merely on rote learning but on the ability to critically analyze, interpret, and present information cohesively. Through these assignments, students not only demonstrate their academic prowess but also cultivate the skills needed to apply comprehensive understanding in real-world strategic scenarios, preparing them for leadership roles in diverse organizational settings.

C. Simulation Exercises

Simulation exercises represent a dynamic category within the spectrum of Strategic Management Assignments. Unlike traditional theoretical assessments, these assignments immerse students in virtual environments that replicate real-world business scenarios. Through simulations, students engage in decision-making processes, allowing them to witness the direct impact of their strategic choices on simulated businesses.

This hands-on approach not only reinforces theoretical concepts but also fosters a practical understanding of how different variables interact in a business context. Simulation exercises enhance critical thinking, strategic planning, and adaptability, providing students with a valuable experiential learning opportunity. By actively participating in the decision-making process, students gain insights into the complexities of strategic management, preparing them to navigate the uncertainties and challenges they may encounter in future professional roles.

1. Virtual Application of Strategic Management Principles

Strategic Management Assignments, particularly those involving simulation exercises, offer students a unique opportunity for the virtual application of strategic management principles. These assignments go beyond theoretical frameworks, immersing students in simulated business scenarios where they can actively implement strategic decisions. By navigating these virtual environments, students gain practical insights into the consequences of their choices on organizational performance.

This hands-on experience not only reinforces theoretical concepts but also cultivates a deeper understanding of strategic principles in action. Virtual applications of strategic management principles through assignments provide a dynamic and engaging way for students to bridge the gap between theory and practice, preparing them for the complexities of strategic decision-making in the ever-evolving business landscape.

2. Learning in a Risk-Free Environment

Strategic Management Assignments, especially those involving simulation exercises, create a valuable opportunity for learning in a risk-free environment. Unlike real-world business decisions that carry tangible consequences, these assignments allow students to experiment with various strategic approaches without actual financial or operational risks.

By engaging in simulated scenarios, students can test different strategies, analyze outcomes, and learn from both successes and failures without impacting real organizations. This risk-free learning environment encourages creativity, innovation, and a willingness to explore unconventional solutions, fostering a dynamic and proactive mindset in students. This type of assignment not only enhances theoretical knowledge but also provides a safe space for students to develop the practical skills crucial for effective strategic decision-making in the professional world.

A. Research and Information Gathering

Crafting an effective Strategic Management Assignments begins with a meticulous approach to research and information gathering. This foundational step involves sourcing relevant and reliable data from various academic journals, industry reports, and other reputable outlets. Students must delve into the complexities of their chosen strategic topic, ensuring a comprehensive understanding of current trends, challenges, and potential solutions.

Effective research not only substantiates arguments but also forms the basis for informed decision-making within the assignment. By honing skills in data collection and analysis, students can construct well-informed and evidence-backed strategic management assignments, laying the groundwork for insightful insights and valuable contributions to the field.

1. Reliable Sources for Strategic Data

Crafting effective Strategic Management Assignments hinges on the careful selection of reliable sources for strategic data. Students are encouraged to seek information from reputable academic journals, industry reports, and recognized experts in the field. Relying on trustworthy sources ensures the accuracy and credibility of the data incorporated into the assignment.

By demonstrating a commitment to using reliable information, students not only bolster the validity of their arguments but also contribute to the overall quality of their strategic analyses. This emphasis on sourcing data from credible outlets is a key element in crafting assignments that not only showcase a deep understanding of strategic concepts but also adhere to the standards of academic rigor and integrity.

2. Utilizing Industry Reports and Trends

Crafting an effective Strategic Management Assignment involves a strategic utilization of industry reports and trends. Students are encouraged to delve into current industry reports to gain valuable insights into the latest developments, challenges, and opportunities within their chosen sector. By staying abreast of industry trends, students can infuse their assignments with relevant, up-to-date information, enhancing the overall quality and relevance of their analyses.

This proactive approach not only demonstrates a keen awareness of the business landscape but also ensures that the strategic solutions proposed are aligned with the dynamic nature of the industry. Effectively incorporating industry reports and trends into assignments is a key strategy for students to showcase their ability to apply theoretical concepts to real-world scenarios and contribute meaningfully to the field of strategic management.

B. Structure and Format

Crafting an effective Strategic Management Assignment requires careful attention to structure and format. Students must organize their work in a clear and logical manner, typically following a well-defined structure that includes an introduction, body, and conclusion. The introduction sets the stage by presenting the topic, objectives, and the relevance of the assignment. The body is the substantive part where theories, analyses, and findings are presented coherently.

Utilizing headings and subheadings can enhance the organization and readability of the content. Finally, a concise yet impactful conclusion summarizes key points and offers insights or recommendations. Adhering to a structured format not only ensures a seamless flow of ideas but also facilitates the reader's understanding. Students should also pay attention to citation styles, maintaining consistency and accuracy throughout the assignment. This commitment to structure and format enhances the professionalism and effectiveness of the strategic management assignment.

1. Introduction, Body, and Conclusion

Crafting effective Strategic Management Assignments hinges on a well-structured framework encompassing introduction, body, and conclusion. The introduction serves as a roadmap, outlining the purpose, relevance, and objectives of the assignment. It provides a compelling overview that captures the reader's interest. The body is the heart of the assignment, where theoretical concepts, analyses, and findings are presented systematically.

Utilizing clear headings and subheadings enhances organization and readability. Here, students articulate their arguments, drawing on research and data to support their perspectives. Finally, the conclusion synthesizes key points, reinforces the assignment's main objectives, and offers insightful takeaways or recommendations. A cohesive introduction, a substantively rich body, and a concise yet impactful conclusion collectively contributes to the effectiveness and professionalism of the strategic management assignment.

2. Incorporating Visuals and Graphs

Crafting an effective Strategic Management Assignment involves not only textual clarity but also the strategic use of visuals and graphs. Integrating visual elements enhances the overall presentation by providing a visual representation of data, trends, or complex concepts. Visuals such as charts, graphs, and diagrams can convey information more succinctly, making it easier for the reader to grasp key insights.

This strategic incorporation not only adds depth to the assignment but also demonstrates the student's ability to communicate complex ideas in a visually appealing and accessible manner. Effective use of visuals is a powerful tool for enhancing the overall impact of the assignment, making it more engaging and compelling for the reader.

A. Identifying and Overcoming Ambiguities

Common challenges in Strategic Management Assignments often revolve around identifying and overcoming ambiguities inherent in complex business scenarios. Students frequently encounter situations with incomplete information or multifaceted challenges that lack straightforward solutions. The ability to discern the nuances of ambiguous situations and navigate through uncertainties is crucial in strategic management.

Overcoming this challenge requires a combination of critical thinking, research skills, and a proactive approach. Successful completion of assignments involves not only acknowledging ambiguities but also devising strategic responses that showcase adaptability and a keen understanding of the intricacies inherent in real-world business environments. Addressing ambiguity becomes a skill set honed through strategic management assignments, preparing students for the unpredictable nature of decision-making in professional settings.

B. Dealing with Information Overload

A prevalent challenge in Strategic Management Assignments is effectively dealing with information overload. Students often encounter an abundance of data, theories, and perspectives, which can be overwhelming. The task is not merely to accumulate information but to discern its relevance and applicability to the strategic context at hand.

Managing this influx requires honing skills in information prioritization, critical analysis, and synthesis. Successfully overcoming this challenge involves creating a balance between depth and breadth of information, selecting key insights that contribute meaningfully to the assignment's objectives. In the dynamic field of strategic management, students learn to navigate through this challenge, acquiring the ability to extract valuable insights from extensive information while avoiding the pitfalls of information overload.

C. Integrating Multiple Perspectives

One common challenge in Strategic Management Assignments is the necessity to skillfully integrate multiple perspectives. Strategic decisions often involve diverse stakeholders with varied interests and viewpoints. Students face the challenge of not only understanding these different perspectives but also harmonizing them into a cohesive strategic framework. Successful navigation of this challenge requires effective communication, empathy, and the ability to synthesize contrasting viewpoints.

It's not just about acknowledging the diversity of opinions but finding common ground to formulate comprehensive and inclusive strategic solutions. Overcoming this challenge is integral to developing the well-rounded skill set needed for effective strategic management, where successful leaders are adept at handling the complexities of diverse perspectives within organizations.

A. Time Management Strategies

One crucial tip for the successful completion of Strategic Management Assignments is the implementation of effective time management strategies. Given the complexity and depth of strategic analyses, it's imperative for students to allocate their time wisely. Breaking down the assignment into manageable tasks, setting clear deadlines for each phase, and adhering to a structured schedule can help prevent last-minute rushes and ensure a thorough and well-thought-out submission.

Time management also involves prioritizing tasks based on their significance, allowing students to dedicate ample time to critical components of the assignment. By adopting robust time management strategies, students can not only meet deadlines but also produce high-quality strategic management assignments that reflect careful consideration and attention to detail.

B. Collaboration and Group Work

An effective tip for successful completion of Strategic Management Assignments is fostering collaboration and engaging in group work. Strategic management often involves teamwork, and assignments offer an opportunity to leverage collective strengths. Forming study groups or collaborating with peers allows for a diverse exchange of ideas, perspectives, and insights. Group discussions can illuminate different facets of a strategic challenge, enhancing the depth of analysis and enriching the overall assignment.

Furthermore, dividing tasks based on individual strengths and expertise within the group can lead to more efficient completion of various components. However, effective communication and coordination are key; establishing clear roles, maintaining open lines of communication, and setting regular check-ins ensure a cohesive and successful collaborative effort in tackling strategic management assignments.

C. Seeking Feedback and Revisions

A crucial tip for successful completion of Strategic Management Assignments is actively seeking feedback and embracing the revision process. Rather than viewing feedback as a final critique, consider it as a valuable tool for improvement. Seek input from professors, peers, or mentors to gain diverse perspectives on your strategic analysis.

Constructive feedback helps identify areas for enhancement and refines the depth and clarity of your arguments. Additionally, being open to revisions ensures that your assignment evolves into a polished and well-crafted piece of work. Iterative refinement, based on feedback, not only strengthens your strategic management skills but also showcases your commitment to producing a high-quality assignment. Embracing this continuous improvement mindset is a key strategy for achieving success in strategic management assignments.

A. Incorporating New Approaches

Balancing innovation and tradition in Strategic Management Assignments involves a strategic approach to incorporating new methodologies and approaches. While tradition provides a solid foundation, the dynamic nature of strategic management requires openness to innovative perspectives. Students can enhance their assignments by exploring contemporary models, emerging theories, or cutting-edge business practices.

Integrating new approaches demonstrates adaptability and a forward-thinking mindset. Whether it involves incorporating the latest technological trends, considering unconventional strategies, or applying novel frameworks, the incorporation of new approaches adds depth and relevance to the assignment. This balance between tradition and innovation in strategic management assignments reflects the adaptability required for success in the ever-evolving business landscape.

B. Respecting Time-Tested Methodologies

Achieving a balance between innovation and tradition in Strategic Management Assignments involves a nuanced approach that includes respecting time-tested methodologies. While innovation is vital for staying relevant in the dynamic business landscape, traditional and proven methodologies offer a reliable foundation. Students should acknowledge the value of established strategic management frameworks, theories, and practices that have demonstrated success over time.

By integrating these time-tested methodologies, assignments gain credibility and a solid theoretical grounding. This balanced approach demonstrates a comprehensive understanding of strategic management, showing an appreciation for both the innovative solutions that push boundaries and the tried-and-true methods that have stood the test of time. It underscores the importance of drawing from a rich array of strategic management concepts to formulate well-rounded and effective solutions in assignments.

A. Grading Criteria and Expectations

Assessing success in Strategic Management Assignments involves understanding the grading criteria and expectations set forth by instructors. Grading typically encompasses several key aspects, including the depth of analysis, clarity of communication, relevance of insights, and the application of strategic concepts to real-world scenarios. Instructors often look for evidence of critical thinking, effective problem-solving, and the ability to synthesize information.

A successful assignment should demonstrate a nuanced understanding of strategic management principles, supported by well-researched data and a clear articulation of ideas. Meeting or exceeding the specified expectations, adhering to assignment guidelines, and presenting a cohesive and logically structured document contribute to a higher grade. By aligning with grading criteria, students can gauge their success and ensure their strategic management assignments meet the academic standards set by their instructors.

B. Incorporating Feedback for Continuous Improvement

Assessing success in Strategic Management Assignments goes beyond grades; it involves a commitment to continuous improvement through the incorporation of feedback. Instead of viewing feedback as a final judgment, students should embrace it as a valuable resource for refining their strategic analyses. Understanding where improvements can be made, addressing suggestions, and building upon constructive criticism contribute to ongoing development.

Successful students actively seek feedback from instructors, peers, or mentors, using it to enhance their understanding, strengthen arguments, and refine their strategic thinking. This iterative process not only improves the quality of individual assignments but also cultivates a mindset of continuous learning and adaptation—an essential skill in the ever-evolving field of strategic management.

In conclusion, navigating the complexities of Strategic Management Assignments requires a strategic approach that balances tradition and innovation. Incorporating time-tested methodologies provides a solid foundation, while embracing new approaches demonstrates adaptability and foresight. Success in these assignments is not solely measured by grades but also by the ability to integrate feedback for continuous improvement.

Recognizing the importance of structure, time management, and collaboration further enhances the quality of strategic analyses. Strategic Management Assignments serve as a dynamic platform for students to bridge theoretical knowledge with practical application, preparing them for the multifaceted challenges of decision-making in the ever-evolving business landscape. By understanding and incorporating these tips and insights, students can not only excel in their assignments but also develop a robust skill set essential for success in the field of strategic management.

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What Is Strategic Management?

How It Worls
The 5 Phases
Strategic Management FAQs

The Bottom Line

Business Essentials

Investopedia / Alex Dos Diaz

Strategic management is the management of an organization’s resources to achieve its goals and objectives.

Strategic management involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies, and ensuring that management rolls out the strategies across the organization .

Key Takeaways

Companies, universities, nonprofits, and other organizations can use strategic management as a way to make goals and meet objectives.
Flexible companies may find it easier to make changes to their structure and plans, while inflexible companies may chafe at a changing environment.
A strategic manager may oversee strategic management plans and devise ways for organizations to meet their benchmark goals.

Understanding Strategic Management

Strategic management is divided into several schools of thought. A prescriptive approach to strategic management outlines how strategies should be developed, while a descriptive approach focuses on how strategies should be put into practice. These schools differ on whether strategies are developed through an analytic process, in which all threats and opportunities are accounted for, or are more like general guiding principles to be applied.

Business culture , the skills and competencies of employees, and organizational structure are all important factors that influence how an organization can achieve its stated objectives. Inflexible companies may find it difficult to succeed in a changing business environment. Creating a barrier between the development of strategies and their implementation can make it difficult for managers to determine whether objectives have been efficiently met.

While an organization’s upper management is ultimately responsible for its strategy , the strategies are often sparked by actions and ideas from lower-level managers and employees. An organization may have several employees devoted to strategy, rather than relying solely on the chief executive officer ( CEO ) for guidance.

Because of this reality, organizational leaders focus on learning from past strategies and examining the environment at large. The collective knowledge is then used to develop future strategies and to guide the behavior of employees to ensure that the entire organization is moving forward. For these reasons, effective strategic management requires both an inward and outward perspective.

Strategic management extends to internal and external communication practices as well as to tracking, which ensures that the company meets goals as defined in its strategic management plan.

The 5 Phases of Strategic Management

Strategic management involves managing an organization's resources, analyzing internal and external forces, and developing strategies to realize goals and objectives. There are five key phases that can help businesses execute their strategies.

An organization must first establish clear, realistic goals. Its goals should answer what the company wants to achieve and why. Once set, the company can then identify the objectives, or how the goals will be reached. During this phase, the company can articulate its vision and long and short-term goals.
Organizations must then be able to examine, understand, and codify what internal and external forces affect their business and goals, as well as what it needs to remain competitive. Analytical tools, such as SWOT analysis, are helpful during this phase.
Based on the results of the analysis, the company can then develop its strategy, outlining how the company will achieve its goals and how. In this phase, the company will identify the needed people, technology, and other resources; how these resources will be allocated to fulfill tasks, and what performance metrics are needed to measure success. It is also critical to gain buy-in from stakeholders and business leaders.
Once the strategies are defined, it is time for execution. The strategy is taken from planning to implementation. During this phase, the allocated resources are placed into action based on their roles and responsibilities.
The final stage of strategic management is to evaluate the effectiveness of implemented strategies using defined metrics. The company will also visit whether ineffective strategies should be replaced with more viable ones. The company should continue to monitor the business landscape and internal operations, as well as maintain strategies that have proven effective.

Example of Strategic Management

For example, a for-profit technical college wishes to increase new student enrollment and enrolled student graduation rates over the next three years. The purpose is to make the college known as the best buy for a student's money among five for-profit technical colleges in the region, with a goal of increasing revenue.

In that case, strategic management means ensuring the school has funds to create high-tech classrooms and hire the most qualified instructors. The college also invests in marketing and recruitment and implements student retention strategies. The college’s leadership assesses whether its goals have been achieved on a periodic basis.

Why Is Strategic Management Important?

Helping their company find ways to be more competitive is the purpose of strategic management. To that end, putting strategic management plans into practice is the most important aspect of the planning itself. Plans in practice involve identifying benchmarks, realigning resources—financial and human—and putting leadership resources in place to oversee the creation, sale, and deployment of products and services.

In business, strategic management is important because it allows a company to analyze areas for operational improvement. In many cases, they can follow either an analytical process, which identifies potential threats and opportunities, or simply follow general guidelines. Given the structure of the organization, a company may choose to follow either a prescriptive or descriptive approach to strategic management. Under a prescriptive model, strategies are outlined for development and execution. By contrast, a descriptive approach describes how a company can develop these strategies.

Strategic management is the process of setting goals, procedures, and objectives in order to make a company or organization more competitive. Typically, strategic management looks at effectively deploying staff and resources to achieve these goals. Often, strategic management includes strategy evaluation, internal organization analysis, and strategy execution throughout the company.

What Is an Example of Strategic Management?

Consider a large company that wants to achieve more ambitious online sales rates. To meet these goals, the company will develop a strategy, communicate this strategy, apply it across various units and departments in the organization, integrate this with employee goals, and execute accordingly. If an effective strategy is applied, ideally, it will help the company achieve its targets through a single, coordinated process.

What Are the Key Elements of Strategic Management?

Strategic management is not a one-size-fits-all strategy. However, there are key elements that are found to be critical. These include goal setting, industry and organizational analyses, strategy formation, strategy implementation; and the measurement, monitoring, and controlling of strategies.

Strategic management is the assembling and management of resources to achieve a company's goals and objectives. Although it is often segmented into either prescriptive or descriptive schools of thought, many businesses subscribe to a combined philosophy, defining how a strategy should be developed and how the strategies will be employed. Strategic management helps companies set goals, gain a competitive edge, better manage their resources, and more. There is not one prescription for all. Companies must create and adapt a strategic management process that works best for their company and those they serve. Strategic management does not end with the successful implementation of strategies; it continues for the life of the business.

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1.4 The History of Strategic Management

Learning objectives.

Consider how strategy in ancient times and military strategy can provide insights to businesses.
Describe how strategic management has evolved into a field of study.

Those who cannot remember the past are condemned to repeat it.

George Santayana, The Life of Reason

Santayana’s quote has strong implications for strategic management. The history of strategic management can be traced back several thousand years. Great wisdom about strategy can be acquired by understanding the past, but ignoring the lessons of history can lead to costly strategic mistakes that could have been avoided. Certainly, the present offers very important lessons; businesses can gain knowledge about what strategies do and do not work by studying the current actions of other businesses. But this section discusses two less obvious sources of wisdom: (1) strategy in ancient times and (2) military strategy. This section also briefly traces the development of strategic management as a field of study.

Table 1.4 Strategy in Ancient Times

Strategic management borrows many ideas from ancient uses of strategy over time. The following anecdotes provide a few notable examples of historical actions that remain relevant for the study of modern strategy. Indeed, the Greek verb strategos means “army leader” and the idea of stratego (from which we get the word strategy) refers to the idea of destroying one’s enemies through the effective use of resources.

Strategy in Ancient Times

Perhaps the earliest-known discussion of strategy is offered in the Old Testament of the Bible (Bracker, 1980). Approximately 3,500 years ago, Moses faced quite a challenge after leading his fellow Hebrews out of enslavement in Egypt. Moses was overwhelmed as the lone strategist at the helm of a nation that may have exceeded one million people. Based on advice from his father-in-law, Moses began delegating authority to other leaders, each of whom oversaw a group of people. This hierarchical delegation of authority created a command structure that freed Moses to concentrate on the biggest decisions and helped him implement his strategies ( Table 1.4 “Strategy in Ancient Times” ). Similarly, the demands of strategic management today are simply too much for a chief executive officer (the top leader of a company) to handle alone. Many important tasks are thus entrusted to vice presidents and other executives.

In ancient China, strategist and philosopher Sun Tzu offered thoughts on strategy that continue to be studied carefully by business and military leaders today. Sun Tzu’s best-known work is The Art of War . As this title implies, Sun Tzu emphasized the creative and deceptive aspects of strategy.

One of Sun Tzu’s ideas that has numerous business applications is that winning a battle without fighting is the best way to win. Apple’s behavior in the personal computer business offers a good example of this idea in action. Many computer makers such as Toshiba, Acer, and Lenovo compete with one another based primarily on price. This leads to price wars that undermine the computer makers’ profits. In contrast, Apple prefers to develop unique features for its computers, features that have created a fiercely loyal set of customers. Apple boldly charges far more for its computers than its rivals charge for theirs. Apple does not even worry much about whether its computers’ software is compatible with the software used by most other computers. Rather than fighting a battle with other firms, Apple wins within the computer business by creating its own unique market and by attracting a set of loyal customers. Sun Tzu would probably admire Apple’s approach.

Perhaps the most famous example of strategy in ancient times revolves around the Trojan horse. According to legend, Greek soldiers wanted to find a way to enter the gates of Troy and attack the city from the inside. They devised a ploy that involved creating a giant wooden horse, hiding soldiers inside the horse, and offering the horse to the Trojans as a gift. The Trojans were fooled and brought the horse inside their city. When night arrived, the hidden Greek soldiers opened the gates for their army, leading to a Greek victory. In modern times, the term Trojan horse refers to gestures that appear on the surface to be beneficial to the recipient but that mask a sinister intent. Computer viruses also are sometimes referred to as Trojan horses.

A far more noble approach to strategy than the Greeks’ is attributed to King Arthur of Britain. Unlike the hierarchical approach to organizing Moses used, Arthur allegedly considered himself and each of his knights to have an equal say in plotting the group’s strategy. Indeed, the group is thought to have held its meetings at a round table so that no voice, including Arthur’s, would be seen as more important than the others. The choice of furniture in modern executive suites is perhaps revealing. Most feature rectangular meeting tables, perhaps signaling that one person—the chief executive officer—is in charge.

Another implication for strategic management offered by King Arthur and his Knights of the Round Table involves the concept of mission. Their vigorous search to find the Holy Grail (the legendary cup used by Jesus and his disciples at the Last Supper) serves as an exemplar for the importance of a central mission to guide organizational strategy and actions.

Lessons Offered by Military Strategy

Key military conflicts and events have shaped the understanding of strategic management ( Table 1.5 “Classic Military Strategy” ). Indeed, the word strategy has its roots in warfare. The Greek verb strategos means “army leader” and the idea of stratego (from which we get the word strategy ) refers to defeating an enemy by effectively using resources (Bracker, 1980).

A book written nearly five hundred years ago is still regarded by many as an insightful guide for conquering and ruling territories. Niccolò Machiavelli’s 1532 book The Prince offers clever recipes for success to government leaders. Some of the book’s suggestions are quite devious, and the word Machiavellian is used today to refer to acts of deceit and manipulation.

Two wars fought on American soil provide important lessons about strategic management. In the late 1700s, the American Revolution pitted the American colonies against mighty Great Britain. The Americans relied on nontraditional tactics, such as guerilla warfare and the strategic targeting of British officers. Although these tactics were considered by Great Britain to be barbaric, they later became widely used approaches to warfare. The Americans owed their success in part to help from the French navy, illustrating the potential value of strategic alliances.

Nearly a century later, Americans turned on one another during the Civil War. After four years of hostilities, the Confederate states were forced to surrender. Historians consider the Confederacy to have had better generals, but the Union possessed greater resources, such as factories and railroad lines. As many modern companies have discovered, sometimes good strategies simply cannot overcome a stronger adversary.

Two wars fought on Russian soil also offer insights. In the 1800s, a powerful French invasion force was defeated in part by the brutal nature of Russian winters. In the 1940s, a similar fate befell German forces during World War II. Against the advice of some of his leading generals, Adolf Hitler ordered his army to conquer Russia. Like the French before them, the Germans were able to penetrate deep into Russian territory. As George Santayana had warned, however, the forgotten past was about to repeat itself. Horrific cold stopped the German advance. Russian forces eventually took control of the combat, and Hitler committed suicide as the Russians approached the German capital, Berlin.

Five years earlier, Germany ironically had benefited from an opponent ignoring the strategic management lessons of the past. In ancient times, the Romans had assumed that no army could cross a mountain range known as the Alps. An enemy general named Hannibal put his men on elephants, crossed the mountains, and caught Roman forces unprepared. French commanders made a similar bad assumption in 1940. When Germany invaded Belgium (and then France) in 1940, its strategy caught French forces by surprise.

The top French commanders assumed that German tanks simply could not make it through a thickly wooded region known as the Ardennes Forest. As a result, French forces did not bother preparing a strong defense in that area. Most of the French army and their British allies instead protected against a small, diversionary force that the Germans had sent as a deception to the north of the forest. German forces made it through the forest, encircled the allied forces, and started driving them toward the ocean. Many thousands of French and British soldiers were killed or captured. In retrospect, the French generals had ignored an important lesson of history: Do not make assumptions about what your adversary can and cannot do. Executives who make similar assumptions about their competitors put their organizations’ performance in jeopardy.

Table 1.5 Classic Military Strategy

Strategic management often borrows lessons as well as metaphors from classic military strategy. For example, major business decisions are often categorized as “strategic” while more minor decisions (such as small changes in price or the opening of a new location) are referred to as “tactical” decisions. Here are a few select examples of classic military strategies that hold insights for strategic decisions today.

Strategic Management as a Field of Study

Universities contain many different fields of study, including physics, literature, chemistry, computer science, and engineering. Some fields of study date back many centuries (e.g., literature), while others (such as computer science) have emerged only in recent years. Strategic management has been important throughout history, but the evolution of strategic management into a field of study has mostly taken place over the past century. A few of the key business and academic events that have helped the field develop are discussed next .

The ancient Chinese strategist Sun Tzu made it clear that strategic management is part art. But it is also part science. Major steps toward developing the scientific aspect of strategic management were taken in the early twentieth century by Frederick W. Taylor. In 1911, Taylor published The Principles of Scientific Management . The book was a response to Taylor’s observation that most tasks within organizations were organized haphazardly. Taylor believed that businesses would be much more efficient if management principles were derived through scientific investigation. In The Principles of Scientific Management , Taylor stressed how organizations could become more efficient through identifying the “one best way” of performing important tasks. Implementing Taylor’s principles was thought to have saved railroad companies hundreds of millions of dollars. Although many later works disputed the merits of trying to find the “one best way,” Taylor’s emphasis on maximizing organizational performance became the core concern of strategic management as the field developed.

Also in the early twentieth century, automobile maker Henry Ford emerged as one of the pioneers of strategic management among industrial leaders. At the time, cars seemed to be a luxury item for wealthy people. Ford adopted a unique strategic perspective, however, and boldly offered the vision that he would make cars the average family could afford. Building on ideas about efficiency from Taylor and others, Ford organized assembly lines for creating automobiles that lowered costs dramatically. Despite his wisdom, Ford also made mistakes. Regarding his company’s flagship product, the Model T, Ford famously stated, “Any customer can have a car painted any color that he wants so long as it is black.” When rival automakers provided customers with a variety of color choices, Ford had no choice but to do the same.

In 1912, Harvard University became the first higher education institution to offer a course focused on how business executives could lead their organizations to greater success. The approach to maximizing performance within this “business policy” course was consistent with Taylor’s ideas. Specifically, the goal of the business policy course was to identify the one best response to any given problem that an organization confronted. By finding and pursuing this ideal solution, the organization would have the best chance of enjoying success.

In the 1920s, A&W Root Beer became the first franchised restaurant chain. Franchising involves an organization (called a franchisor) granting the right to use its brand name, products, and processes to other organizations (known as franchisees) in exchange for an up-front payment (a franchise fee) and a percentage of franchisees’ revenues (a royalty fee). This simple yet powerful business model allows franchisors to grow their brands rapidly and provides franchisees with the safety of a proven business format. Within a few decades, the franchising business model would fuel incredible successes for many franchisors and franchisees across a variety of industries. Today, for example, both Subway and McDonald’s have more than thirty thousand restaurants carrying their brand names.

The acceptance of strategic management as a necessary element of business school programs took a major step forward in 1959. A widely circulated report created by the Ford Foundation recommended that all business schools offer a “capstone” course. The goal of this course would be to integrate knowledge across different business fields such as marketing, finance, and accounting to help students devise better ideas for addressing complex business problems. Rather than seeking a “one best way” solution, as advocated by Taylor and Harvard’s business policy course, this capstone course would emphasize students’ critical thinking skills in general and the notion that multiple ways of addressing a problem could be equally successful in particular. The Ford Foundation report was a key motivator that led US universities to create strategic management courses in their undergraduate and master of business administration programs.

In 1962, business and academic events occurred that seemed minor at the time but that would later give rise to huge changes. Building on the business savvy that he had gained as a franchisee, Sam Walton opened the first Walmart in Rogers, Arkansas. Relying on a strategy that emphasized low prices and high levels of customer service, Walmart grew to 882 stores with a combined $8.4 billion dollars in annual sales by 1985. A decade later, sales reached $93.6 billion across nearly 3,000 stores. In 2010, Walmart was the largest company in the world. In recent years, Walmart has arguably downplayed customer service in favor of cutting costs. Time will tell whether deviating from Sam Walton’s original strategic positioning will hurt the company.

Also in 1962, Harvard professor Alfred Chandler published Strategy and Structure: Chapters in the History of the Industrial Enterprise . This book describes how strategy and organizational structure need to be consistent with each other to ensure strong firm performance, a lesson that Moses seems to have mastered during the Hebrews’ exodus from Egypt. Many people working in the field of strategic management consider Chandler’s book to be the first work of strategic management research.

Two pivotal events that firmly established strategic management as a field of study took place in 1980. One was the creation of the Strategic Management Journal . The introduction of the journal offered a forum for researchers interested in building knowledge about strategic management. Much like important new medical findings appear in the Journal of the American Medical Association and the New England Journal of Medicine , the Strategic Management Journal publishes pathbreaking insights about strategic management.

The second pivotal event in 1980 was the publication of Competitive Strategy: Techniques for Analyzing Industries and Competitors by Harvard professor Michael Porter. This book offers concepts such as five forces analysis and generic strategies that continue to strongly influence how executives choose strategies more than thirty years after the book’s publication. Given the importance of these concepts, both five forces analysis and generic strategies are discussed in detail in Chapter 3 “Evaluating the External Environment” and Chapter 5 “Selecting Business-Level Strategies” , respectively.

Intended and Emergent Strategies

Figure 1.3 A Model of Intended, Deliberate, and Realized Strategy

Table 1.6 The Modern History of Strategic Management

Although strategy has been important throughout history, strategic management as a field of study has largely developed over the past century. Below are a few key business and academic events that have helped the field evolve.

Many consumers today take web-based shopping for granted, but this channel for commerce was created less than two decades ago. The 1995 launch of Amazon by founder Jeff Bezos was perhaps the pivotal event in creating Internet-based commerce. In pursuit of its vision “to be earth’s most customer-centric company,” Amazon has diversified far beyond its original focus on selling books and has evolved into a dominant retailer. Powerful giants have stumbled badly in Amazon’s wake. Sears had sold great varieties of goods (even including entire houses) through catalogs for many decades, as had JCPenney. Neither firm created a strong online sales presence to keep pace with Amazon, and both eventually dropped their catalog businesses. As often happens with old and large firms, Sears and JCPenney were outmaneuvered by a creative and versatile upstart.

Ethics have long been an important issue within the strategic management field. Attention to the need for executives to act ethically when creating strategies increased dramatically in the early 2000s when a series of companies such as Enron Corporation, WorldCom, Tyco, Qwest, and Global Crossing were found to have grossly exaggerated the strength of their performance. After a series of revelations about fraud and corruption, investors in these firms and others lost billions of dollars, tens of thousands of jobs were lost, and some executives were sent to prison.

Like ethics, the implications of international competition are of central interest to strategic management. Provocative new thoughts on the nature of the international arena were offered in 2005 by Thomas L. Friedman. In his book The World Is Flat: A Brief History of the Twenty-First Century , Friedman argues that many of the advantages that firms in developed countries such as the United States, Japan, and Great Britain take for granted are disappearing. One implication is that these firms will need to improve their strategies if they are to remain successful.

Looking to the future, it appears likely that strategic management will prove to be more important than ever. In response, researchers who are interested in strategic management will work to build additional knowledge about how organizations can maximize their performance. Executives will need to keep track of the latest scientific findings. Meanwhile, they also must leverage the insights that history offers on how to be successful while trying to avoid history’s mistakes.

Key Takeaway

Although strategic management as a field of study has developed mostly over the last century, the concept of strategy is much older. Understanding strategic management can benefit greatly by learning the lessons that ancient history and military strategy provide.
What do you think was the most important event related to strategy in ancient times?
In what ways are the strategic management of business and military strategy alike? In what ways are they different?
Do you think executives are more ethical today as a result of the scandals in the early 2000s? Why or why not?

Mastering Strategic Management Copyright © 2015 by University of Minnesota is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License , except where otherwise noted.

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Strategic Management Assignment: Case Analysis Of Coca-Cola

Task: Strategic Management Assignment Task: You are to write a 3000-word report on the case study analysis for your identified organization by taking a role of Strategic Management Consultant.

Description Draw on the research done in the previously submitted assessments to provide strategic recommendations for your selected company.

The recommendations need to be based in research and critical analysis, be realistic and feasible, and reflect the currently available data. Outline the steps needed to achieve the outcome that you are recommending. You also need to provide a holistic analysis of the expected outcomes for your recommendations. Consider economic, social, and environmental consequences of your recommendations.

Executive Summary The company of Coca-Cola has been viewed in this strategic management assignment. Distinctive risks such as that of the lack of sustainable approaches, the lack of HR potential and high market competition have been delineated as major points of concern for the business. In retrospect to this, it is important to understand that the solutions offered in this study are centred on the scope of CSR business model integration with talent management and innovation culture to firmly establish a unidirectional strategic direction for the company. The economies of scale through complementary forces of the solution models will help the company to develop significant reproach to the risks ascribed as per environmental investigations.

1. Introduction Drawing out of the importance of the impact of the environment of businesses on the case of the strategic impacts created by companies it needs to be viewed that there is a larger level of impact which needs to be required to ensure a larger scale and scope of impact that can be created. It is important to understand that for the case of the overall scale and scope of the same, there is a need for understanding the imminent threats in the environment of a business. This helps in order for assuring a significant rate of change and impact which needs to be drawn out and engaged within.

This study will look into the case of the company of Coca-Cola through the means of a stakeholder matrix to determine the different stakeholders of the business effectively. This would help in order for assuring a significant rate of importance which can be derived and ensured through the scope of the company effectively. It is important to understand that through the case of the overall company and its stakeholders important aspects need to be revealed and understood effectively. This helps in order for understanding the significant rate and potential of efficacy which can be drawn out and engaged through the scope of the same.

This study will be looking into the creation of a risk matrix for the company of Coca-Cola. Through this matrix the risks indeed in the case of the market of the company will be identified and then enlisted. Three distinctive risks will be enlisted and three different solutions will be reported in accordance with the same. This would help in ensuring that the risks can be ligated to the largest extent.

2. Stakeholders In the case of the stakeholder matrix it can be viewed that there is a larger rate of importance that has been placed on the case of understanding the importance of stakeholders for a business. Ilinova et al. (2018), indicates that the stakeholder matrix defines a set of interest versus power ratio which different stakeholders of a company intend to have based on tier association with the overall business. In the context of this the stakeholder matrix is to be discussed with pivotal importance being placed on the different stakeholder groups of the company as has been derived from the environmental analysis.

Figure 1: Stakeholder matrix (Source: As influenced by Ilinova et al. 2018)

Drawing out of the stakeholder matrix it can be certain that this matrix helps in delineating the effective impact that can be brought around through the means of assuring a larger rate of undertaking association. The primary stakeholders of the company are the suppliers of the business, In the case of these stakeholders to be viewed that the business of Coca-Cola needs to be able to generate a greater element of information transference. This is because in the case of the stakeholders for the prospect of the company it needs to ensure that these elements are managed in close cohorts with the overall business. This helps in order for the development of effective potential which can be drawn out and ensured for functional importance to be placed.

The second group of stakeholders integral to the case of the business is that of the customers. However the previous study has revealed that in the case of the company of Coca-Cola the customers have a minimal interaction with the case of the company. Due to the nature of the product which prevailsin the market the customers are the least interested in the company and more so in the product. Thus, for the company the customers need to be monitored using the least amount of effort to assure that the company can effectively remain operational and ensure a high quality of efficacy of product delivery.

The investors of the company are the third and most elementary group of stakeholders. In the case of investors of a firm Stocker et al. (2020), defines that the power and the interest is very high. This is because the investors have a stake in the firm and have a decision making capacity which is inherent to this group as they also have the highest interest due to the case of their funds being within the scope of the company. Thus for this stakeholder group Coca-Cola needs to assure that it manages them closely and distinctly. This helps in order for the granting of a wider scope of impact that can be brought around and ensured overall.

Thus, it can be viewed that for the company there are different stakeholders who need to be engaged in the development of growth and additionally this helps in order for ensuring a larger rate of effective impact that is established on the scale and scope of the functionality of a company. This also plays a major role in ascertaining the overall company prospectus which is available to it.

Figure 2: Risk Matrix ((Source: As influenced by Marom et al. 2018)

Table 1: Risk Register (Source: Created by Author)

4. Solution 1: CSR Approach A CSR approach is highly beneficial for the case of the business of Coca-Cola overall as it can show that the resources of the company are streamlined and directed towards the creation of value for stakeholders of the business. Miao & Zhou (2020), indicates that a CSR business model allows for a company to take up proper rates of responsibility in terms of the overall market within which it is functional. For Coca-Cola this approach is beneficial as the prospect of sustainability accounting is involved and this helps in the creation of better resources which can be drawn out and engaged through the scope of the same.

Gligor-Cimpoieru et al. (2017), indicates that the impact of CSR on the case of packaging indicates that the environment and its impacts are taken into consideration for the case of the same. It can be viewed that through the scope of CSR in Coca-Cola Amatil it can be viewed that the company needs to ensure that it lays focus on the packaging of its products effectively. It is important to understand how the company has plastic packaging which is non-reusable and thus adds to the case of environmental degradation.

Wolska (2017), states that for the case of the overall impact which is to be determined there is an importance of social impacts which are required for a CSR model to have. The study of Wolska (2017), also implies that a major drawback in the case of CSR models is that these modes are often disengaging in nature and are unable to account for the necessary elements across the overall horizon of a study. Thus, it can be viewed that the company needs to use the methods of sustainability accounting and other such factors in order to ensure a larger rate and scale of impact wich can be generated and undertaken to assure that their sustainability issues are solved. The use of this method will allow the company to assess the different materials to be used for packaging within the spectrum of sustainable materials. This would allow the company to gauge which product is the most beneficial to it and allow it to ensure that it can generate a larger adherence to its strategic position. Sustainable accounting methods would also help decision making and would ensure that profits and customer and environmental value is used while ensuring election of the materials.

In terms of the overall impacts that are necessary to be engaged within it can be ascertained that for the company of Coca-Cola it is important to understand that this model will be beneficial due to the need for sustainability.Thus, the use of the method will help to ensure that Coca Cola Amatil is able to generate a significant stratified approach to environmental CSR. Additionally, the company has a strong internal procedural map and distinctively strong operational model. This implicates that corporate governance is high, thus, withdrawing the major drawback in terms of the overall potential of the study.

5. Solution 2: Talent Management In terms of the management of talent the major risk against which this is suggested is that of the risk of shortage of skilled manpower. Talent management is not a first option for any enterprise, however, like one that of Coca-Cola Amatil there is a need for assuring a larger rate of productivity which can be brought around and engaged within. As per the work of Khilji & Schuler (2017), it is implicative that a company needs to be able to generate a larger rate of potential through the means of effective system of succession planning and managing resources in definition of the overall impacts that these create. Verification of talent is important for the company. The understanding issued from this is that the company needs to analyse the potential of the employees in restricted environments and focus on skill development. This will help the company not only to acquire raw manpower at a lower rie and then generate significant human resource based assets for the company, but it will also create local employment which would help the company to build its brand reputation by increasing quality of life of the individuals.

Additionally, the impact of this system in case of the overall environment is essential to be scoped out and seen. In the company of Coca-Cola it is important to view that the company is inherently geared towards the generation of a significant impact on the environment through the employment of greater talent as this helps the company to exact its CSR strategy which is the first solution to the inherent risk which is present in case of its market. As a result it is important to understand that the company of Coca Cola needs to be able to assure that its system is aligned to the full preview of the environment of its business.

Adding onto this, appropriate talent management is beneficial for the case of the society as it adds value to the case of the already existing job which is present. TETIK (2017) indicates that for a company it can create value through the recruitment and selection of appropriate individuals who are necessary to be engaged within and ensured. It can be viewed this adds value to the case of society surrounding the company inherently.

The only drawback of this system is that it is unable to focus on the development of the community as a whole and it is unable to provide opportunity and development of skill to all the members of the surrounding community. However, this is countered by the fact that economic growth or the company added with the CSR model seriously discussed would generate a certain rate of effectiveness which can be beneficial to the growth of the surrounding community as well.

6. Solution 3: Innovation The final solution which has been spelled out for the case of the company in terms of the overallimpact rate which is created is that of generation of a larger level of potential which can be ascertained and ascribed to the context of the same. It is important to understand that through the overall potential of the study of Maier et al. (2017), it can be implicated that innovation is an essential factor which needs to be considered through the wide framework of an organisation. This helps in order for the development of out of the box solutions in the prospective scope of a business. Additionally, it can also be rendered that the element for the case of Coca-Cola creates a distinctive element of market productivity within which it can engage itself. This helps inorder for the generation of a larger rate of impact that can be ascribed and ensured for ensuring that growth is fundamentally undertaken through its overall purview

For the company innovation needs to be disruptive and socially oriented. It can be viewed that the risk to tackle is the risk of going against the CSR policies and sustainability policies which are set out. This implies that for CSR to be undertaken there is a need for enhancing the innovation scope for the company to address the issue of water shortage. Possible usage of lean management in an enhanced form and integrating it to waste management and recycling processes can be explored by Coca-Cola Amatil. This would help the company to ensure and generate a larger scope and potential of effectiveness in acutely addressing their present issues.

It is inevitably understood from the case of the overall inferences that the company needs to be able to generate a significant potency in the creation of impactful and direct approaches to the market. The management of the problems which are being faced through creative and innovative solutions such as waste management and integration of the same with lean management in water deprived areas will help the company to generate a larger rate of sustenance and brand value retention. This would help Coca-Cola Amatil to grow and maintain strategic alignment.

The need for this in the business arises from the scope and scale of importance as has been drawingoutfor implicating that the company can retain a certain rate of effectiveness which is quintessential to its overall growth.

7. Conclusion Derivative conclusions from this study are pointed out as major implications for the bread of Coca-Cola Amatil and the need for engaging in systematic integration. In terms of the overall potential to be undertaken and ensured it can be viewed that there is a need for assuring and ascribing a larger impact which can be developed and started into a system which can clear out important elements of efficiency and engage within developmental procedures that are pre-registered for the company of Coca-Cola.

This study has provided a distinctive contextual overview of the company and its systematic integrity. The risks which are defined through this study are clearly one of the global risks which Coca-Cola faces and thus the company and its work news to be pertinent to the case of developing a significant rate of impact which can be drawn out and ensured. This helps in order for assuring a larger rate of impact which can be engaged within and derive. It is impactful and necessary to ensure a higher rate of potential which can be ascribed and engaged within. This helps in delineating the overall impacts which are to be drawn out and ensured.

Additionally, it is important to understand that through the scope of the company of Coca-Cola it is necessary to offset the systems which have been recommended through the scope of this study to ascribe a larger potential rate of impact which can be drawn out. This helps in order for the generation of a larger rate of importance which needs to be defined and ensured effectively. This helps in order for the germination of a larger impact which can be created and engaged within to impact a certain level of importance which needs to be drawn out and derived overall.

Reference List Ilinova, A., Cherepovitsyn, A., &Evseeva, O. (2018). Stakeholder Management: An Approach in CCS Projects. Resources, 7(4), 83. Retrieved on, 20 May, from: https://www.mdpi.com/2079-9276/7/4/83/pdf

Stocker, F., de Arruda, M. P., de Mascena, K. M., &Boaventura, J. M. (2020). Stakeholder engagement in sustainability reporting: a classification model. Corporate Social Responsibility and Environmental Management, 27(5), 2071-2080. Retrieved on, 20 May, from:https://onlinelibrary.wiley.com/doi/pdf/10.1002/csr.1947

Marom, S., Lussier, R. N., &Sonfield, M. (2019). Entrepreneurial strategy: The relationship between firm size and levels of innovation and risk in small businesses. Journal of Small Business Strategy, 29(3), 33-45. Retrieved on, 20 May, from:https://libjournals.mtsu.edu/index.php/jsbs/article/download/1332/1132

Kalburan, C. and Hasiloglu, S.B., (2018). The importance of environmental attitudes towards products for sustainability and business strategies. Present Environment and Sustainable Development, (2), pp.233-246. Retrieved on, 20 May, from:https://ibn.idsi.md/sites/default/files/imag_file/10.2478%20-Volume12_issue_2%2018_paper.pdf

Ajina, A. S., Japutra, A., Nguyen, B., Alwi, S. F. S., & Al-Hajla, A. H. (2019).The importance of CSR initiatives in building customer support and loyalty. Strategic management assignment Asia Pacific Journal of Marketing and Logistics. Retrieved on, 20 May, from:https://bura.brunel.ac.uk/bitstream/2438/17288/3/FullText.pdf

King, K. A., &Vaiman, V. (2019).Enabling effective talent management through a macro-contingent approach: A framework for research and practice. BRQ Business Research Quarterly, 22(3), 194-206. Retrieved on, 20 May, from:https://scholar.google.co.uk/scholar?output=instlink&q=info:dpiAAUVEnUEJ:scholar.google.com/&hl=en&as_sdt=0,5&as_ ylo=2017&scillfp=16667187522879508394&oi=lle

Jajja, M. S. S., Kannan, V. R., Brah, S. A., & Hassan, S. Z. (2017). Linkages between firm innovation strategy, suppliers, product innovation, and business performance. International Journal of Operations & Production Management. Retrieved on, 20 May, from:https://digitalcommons.usu.edu/cgi/viewcontent.cgi?article=1370&context=manage_facpub

Miao, Q., & Zhou, J. (2020). Corporate hypocrisy and counterproductive work behavior: A moderated mediation model of organizational identification and perceived importance of CSR. Sustainability, 12(5), 1847. Retrieved on, 20 May, from:https://www.mdpi.com/2071-1050/12/5/1847/pdf

Gligor-Cimpoieru, D. C., Munteanu, V. P., Ni?u-Antonie, R. D., Schneider, A., &Preda, G. (2017). Perceptions of future employees toward CSR environmental practices in tourism. Sustainability, 9(9), 1631. Retrieved on, 20 May, from:https://www.mdpi.com/2071-1050/9/9/1631/pdf

Wolska, G. (2017). Corporate social responsibility (CSR) in theory and in practice.Selected issues. In DIEM: Dubrovnik International Economic Meeting (Vol. 3, No. 1, pp. 56-65). Sveu?ilište u Dubrovniku. Retrieved on, 20 May, from:https://hrcak.srce.hr/file/276194

Khilji, S. E., & Schuler, R. S. (2017).Talent management in the global context. The Oxford handbook of talent management, 399-420. Retrieved on, 20 May, from:https://www.oxfordhandbooks.com/view/10.1093/oxfordhb/9780198758273.001.0001/oxfordhb-9780198758273-e-6

TETIK, S. (2017). Talent Management: A review of theoretical perspectives and a guideline for practioners. Nile journal of Business and Economics, 2(4), 40-56. Retrieved on, 20 May, from:http://journal.nileuniversity.edu.ng/index.php/NileJBE/article/download/77/102

Maier, D., Sven, I., Sandru, M., & Maier, A. (2017).Integrating innovation into business strategy in the context of a service-led economy. In BASIQ International conference: New Trends in Sustainable Business and Consumption (Vol. 31). Retrieved on, 20 May, from:https://basiq.ro/papers/2017/Maier.pdf

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Introduction of Strategic Management

Definition: Strategic management is the management of an organization’s resources to achieve its goals and objectives. It involves setting objectives, analyzing the competitive environment, analyzing the internal organization, evaluating strategies and ensuring that management rolls out the strategies across the organization. Strategic management is not static in nature; the models often include a feedback loop to monitor execution and to inform the next round of planning.

Strategic management has two-fold objectives:

To gain competitive advantage, with an aim of outperforming the competitors, to achieve dominance over the market.
To act as a guide to the organization to help in surviving the changes in the business environment.

Strategic management can also be defined as a bundle of decisions and acts which a manager undertakes and which decides the result of the firm’s performance. The manager must have a thorough knowledge and analysis of the general and competitive organizational environment so as to take the right decisions.

Strategic management is nothing but planning for both predictable as well as unfeasible contingencies. It is applicable to both small as well as large organizations as even the smallest organization face competition and, by formulating and implementing appropriate strategies, they can attain the sustainable competitive advantage.

It is a continuous process that evaluates and controls the business and the industries in which an organization is involved; evaluates its competitors and sets goals and strategies to meet all existing and potential competitors; and then reevaluates strategies on a regular basis to determine how it has been implemented and whether it was successful or does it needs replacement.

Strategic Management Process: The strategic management process helps company leaders assess their company’s present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented strategies. The strategic management process involves analyzing cross-functional business decisions prior to implementing them. Strategic management typically involves:

Analyzing internal and external strengths and weaknesses.
Formulating action plans.
Executing action plans.
Evaluating to what degree action plans have been successful and making changes when desired results are not being produced.

Strategic Management is all about specifying the organization’s vision, mission and objectives, environment scanning, crafting strategies, evaluation and control.

Importance of Strategic Management: The strategic management process is a management technique used to plan for the future: Organizations create a vision by developing long-term strategies. This helps to identify the necessary processes and resource allocation to achieve those goals. It also helps companies strengthen and support their core competencies.

It guides the company to move in a specific direction. It defines the organization’s goals and fixes realistic objectives, which are in alignment with the company’s vision.
It assists the firm in becoming proactive, rather than reactive, to make it analyse the actions of the competitors and take the necessary steps to compete in the market, instead of becoming spectators.
It acts as a foundation for all key decisions of the firm.
It attempts to prepare the organization for future challenges and play the role of pioneer in exploring opportunities and also helps in identifying ways to reach those opportunities.
It ensures the long-term survival of the firm while coping with competition and surviving the dynamic environment.
It assists in the development of core competencies and competitive advantage, that helps in the business survival and growth.

Strategic management actually focuses on assessing the opportunities and threats, keeping in mind the firm’s strengths and weaknesses and developing strategies for its survival, growth and expansion.

Information Source:

managementstudyguide.com
investopedia.com
businessjargons.com
searchcio.techtarget.com

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