This study utilized strategic management theory and symbolic interaction theory as theoretical guide for the study.
Strategic Management Theory: An Overview
Strategic management is the act or science of mixing different strategies, formulations, implementations and evaluations together in a bid to achieve certain goals and objectives for an organization (David, 2005; Mohd Khairuddin Hashim, 2005; Zainal Abidin Mohamed, 2005). From this perspective, Strategic Management Theory (SMT) is can be conceived as a management theory derived from the combination of systems perspectives, contingency approach and information technology approach (Raduan, Jegak, Haslinda & Alimin, 2009). It symbolizes the process and approach of specifying an organization’s
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According to them, the profit-maximizing and competition-based theory focuses on the notion that the central objective of business organization is to exploit long term profit and develop sustainable competitive advantage over rivals in the external business environment. Correspondingly, the industrial-organization posits that the state or position of an organization within the external business environment is very essential for attaining and sustaining competitive advantage, which relates to the theoretical stance of the traditional industrial-organizational theorist who perceived strategic management as a systematic model for assessing competition within an industry (Porter, 1981). On the other hand, the resource-based theory which materializes from the belief that the basis of organizations competitive advantage is inherent in the internal resources, as opposed to their positioning in the external environment. That is rather than simply evaluating environmental opportunities and threats in conducting business, competitive advantage depends on the unique resources and capabilities that a firm possesses (Barney,
Hunger, J. D., & Wheelen, T. L. (2011). Essentials of strategic management (5th ed.). Upper Saddle River, NJ: Pearson Education.
Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually
The relationship between the employee stakeholder and the corporation should be that of unity. The publicity for the company should be positive and this can be influenced by employees of Red Hat. The employee group of Red Hat is where the heart STRATEGIC MANAGEMENT AND STRATEGIC COMPETITIVENESS 4 of the company lies. Without the hard work and dedication of our management and employees, Red Hat would not exist.
Pearce, J. A. II, & Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). [University of Phoenix Custom Edition e-text]. New York: McGraw-Hill. Retrieved August 20, 2011, fr
Strategic Management is the theory and practice of making decisions that shape the future of the firm. This course looks at the content and process of strategic decision making from the perspective of managers who are responsible for an entire business unit. These may be individuals who are acting in the capacity of a Chief Executive of a company, divisional General Managers, or departmental heads. It is also the perspective most
Charles W.L. Hill, Gareth R. Jones, Melissa A. Schilling. (2015). Strategic Management Theory (11th ed) Stamford, CT: Cengage Learning.
Pearce, J. A. II, & Robinson, R. B. (2009).Strategic management: Formulation, implementation, and control (11th ed.). New York, NY: McGraw-Hill.
Through an internal environment analysis, companies can identify and understand their own unique resources, capabilities, and competencies that are required for their sustainable competitive advantage. Resources, capabilities, and core competencies are the foundation of competitive advantage. There is no competitive advantages are permanently sustainable in any companies, so they have to consist on their current advantages and develop new advantages by internally understanding and analyzing their resources and capabilities. Competitors have their own unique resources, capabilities, and core competencies to create values for their customers. Both tangible and intangible resources, which include individual, social and organizational phenomena, are combined to generate capabilities. In turn, company’s capabilities are used to build core competencies. Also, core competencies are as a source of competitive advantage for a company to win in the competitive market.
Application and critical evaluation of these theoretical concepts and how they influence Strategic Management or Management Knowledge and Learning practices in the chosen organisation.
What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness
As explained by Hill & Jones (2012), strategic management entail the process of implementing ways that would help an organization achieve its long term goals. Hill & Jones (2012) adds that organizations would be unable to attain their projected goals if they do not employ proper ways for strategic management. Through strategic management, companies strive to create ways that can create a balance between the external and internal environments. Management of information technology and innovation is among the most important aspects in strategic management. Schilling (2010) notes that managers have to establish the proper platforms to ran information technology in their respective organizations. Through the implementation of proper strategic management ways, organizations are able to capitalize on different opportunities.
‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment
Competitive advantage is explained by Mahoney and Pandian (1992) as the function of industry analysis, organizational governance and the firm’s effects in the form of resource advantages and strategies. In order for a firm to be competitive it must adapt to the volatile business environment and through strategic management decisions establish a competitive advantage that will ultimately produce superior performance relative to its competitors (Akimova 2000).
as well as a variety of minerals. Fat is a key factor in achieving high quality taste in most
Operational management processes in a firm involves overseeing, formulating and reformulation of the operations of a business. The processes are meant to ensure efficiency in administering resources whilst ensuring there is effective management of client’s specifications and or directions. This is achieved by adding value to the firm’s processes. Such achievements are experienced when a firm embarks in directing its physical and or technical functions towards enhancing its development, production and manufacturing. These should be pre-determined and controlled by market opportunities if a company is to reach its ultimate production levels. Their realisation adds up to ensuring the future of a firm, offering operational