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Strategy evaluation
What is strategy?michael e. porter
Historical background strategic management
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Introduction
“Strategic management analyses the major initiatives taken by a company’s top management on behalf of owners, involving resources and performance in internal and external environments”. There are many well known strategists for strategic management.
I have chosen Igor Ansoff which built on Chandler’s work by adding concepts and inventing a vocabulary.
I have discussed about his biography, contribution in strategic management, strategy decision, the components of strategy, turbulence, Ansoff matrix and advantages & disadvantages of Ansoff matrix.
Biography
H. Igor Ansoff was born on 12 December 1918 in Vladivostok, Russia. He immigrated to United States with his family after 18 years lived in Russia. He graduated from New York City’s Stuyvesant High School in 1937. Ansoff studied general engineering at the Stevens Institute of Technology and continued his education and completed his Master of Science degree in the Dynamics of Rigid Bodies in the same institution. He then studied at Brown University and received a Doctorate in applied mathematics with a major in Mathematical Theory of Elasticity and Plasticity and a minor in Vibration. He was known as Father of Strategic Management.
He joined UCLA in the Senior Executive Program after coming to California. He was a professor at United States International University for 17 years. He also was a member of the U.S Naval Reserve, and served as a liaison with the Russian Navy and as an instructor in physics at the U.S Naval Academy.
The prestigious Igor Ansoff was established in 9181 in The Netherlands to honour his work for research and management in the study of Strategic Planning and Management. Other than that, an annual award has been established in his name b...
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...enry Mintzberg’s view is different where Mintzberg dislike the idea of strategy being built from planning which is supported by analytical techniques which both of them had debated over their differing views and Ansoff being critic by Mintzberg.
References
Bibliography
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Blurtit Ltd. (n.d.). Blurtit. Retrieved March 27, 2014, from Blurtit: http://business.blurtit.com/1972146/what-are-the-advantages-and-disadvantages-of-ansoff-matrix
Creative Common Attribution. (2014, March 23). Wikimedia Foundation Inc. Retrieved March 24, 2014, from Wikipedia: http://en.wikipedia.org/wiki/Igor_Ansoff
The Economist Newspaper Limited. (2008, July 18). The Economist. Retrieved March 26, 2014, from http://www.economist.com/node/11701586
Strategy depends on numerous analytical factors and some of these present challenges to planners. This essay will identify some of these challenges that strategists encountered during WWII. Moreover, it will present strategy as a fluid process requiring refinement throughout.
The Economist. The Economist Newspaper, 20 Oct. 2010. Web. The Web. The Web.
Generally, strategic management is a set of managerial decisions and actions that determines the long-term performance of a company, involving both internal and external environmental scanning, strategy formulation, strategy implementation, and evaluation and control. According to the study of strategic management, the corporation should concentrate on monitoring and appraising outside opportunities and threats based on an organization’s strengths and weaknesses (Thomas Wheelen and David Hunger, 2012).
Dess, G. G., Lumpkin, G. T., Eisner, A. B., & McNamara, G. (2012). Strategic Management: Text & Cases (6th Ed.). New York, NY: McGraw-Hill.
Carpenter, MA & Sanders, WG 2007, Strategic management: concepts: a dynamic perspective, Prentice Hall, New Jersy.
Hill, C. W. L & Jones, G. R. (1998). Cases in Strategic Management (4th edition). Boston New York: Houghton Mifflin Company
Strategic management is the set of managerial decision and action that determines the long-run performance of a corporation. It includes environmental scanning (both external and internal), strategy formulation (strategic or long range planning), strategy implementation, and evaluation and control (Hunger & Wheelen, 2011). In this report I will do research about the strategy of Marriott International, Inc. I will give advise on how Marriott can improve their strategy and I will come up with an advisory strategy.
He believes that leaders and managers should be flexible with their strategies (McKeown, 2012). The author states that it is not always the best option to copy the competitor and his strategy. What is good for one business might not always be good for the other even if they are producing identical products. Lastly, the strategies can be changed. If a business person believes that a strategy constructed ten years ago is not conducive anymore then, it can be altered or completely changed according to where the business stands in the present.
2. Thompson and Strickland (2002), Strategic Management: Concepts and Cases, 13th Edition, Chicago Irwin Publications.
Strategic management is the ongoing process of ensuring a competitively superior fit between the organization and its ever-changing environment (Kreitner, G13). Strategic management serves as the competitive edge for the entire management process. It effectively blends strategic planning, implementation, and control. Organizations that are guided by a coherent strategic framework tend to execute even the smallest details of their mission in a coordinated fashion. The strategic management process includes the formulation of a strategy/strategic plans, implementation of the strategy, and strategic control. A clear statement of the organizational mission serves as the focal point for the entire planning process. People inside and outside the organization are given a general idea of why the organization exists and where it is headed. Working from the mission statement, management formulates the organization's strategy, a general explanation of how the organization's mission is to be accomplished. Then general intentions are translated into more concrete and measurable plans, policies, and budget allocations. Implementation is the most important part of the strategy. Strategic plans must be filtered down to lower levels to be success. Strategic plans can go astray, but a formal control system helps keep strategic plans on track. In the strategic management process general managers who adopt a strategic management perspective appreciate that strategic plans require updating and fine-tuning as conditions change. Given today's competitive pressures, management cannot afford to let strategic plans sit as is. A strategic orientation encourages farsightedness. Sun Microsystems Inc. is one company that developed a strategy to become the competitive leader and become the most reliable in the net business. I will explain how Sun's strategy integrates their marketing, management, technology, and service functions into one effective strategy. First I'll discuss who Sun is and what encouraged them to develop their strategy.
So, for the future, she must implement his strategies to continue and improve his efficacy and efficiency. To propose achievable strategies, we will use Ansoff matrix. This tool allows to classify and explain the different growth strategies for a company. Ansoff 's Matrix is also known as the market options matrix (Lynch, 2009, p.313) and is designed to identify “the product and market options available to the organization, including the possibility of withdrawal and movement into unrelated markets”. It is represented diagrammatically as follows.
John G. S., 2008: Strategically thinking about the subject of Strategy [e-journal] 9(4) p.2 Available through:
This indicates the importance of strategic management for organisations in making appropriate decisions and selecting strategies which will assist them to gain strategic competitiveness and as a result earn above-average returns.
There are various schools of strategy that have been vigorously debated on and after a consolidated effort; three schools of strategy were produced. They are the planning school, the positional school, and the resource based school of strategy (Ritson, 2013). All these strategies will be described with examples to buttress each.
Strategic management is a disciplined effort or control to make necessary decisions that have an effect on a business or an organization; the aim of strategic management is mainly to develop new, innovative or diverse ideas and opportunities for potential or development, and facilitates or assists an organization to achieve its goals (SM, 2010). In reality, strategic management not only can be used or applied to determine mission, vision and values or objectives, but it also establishes roles and responsibilities or timelines in a business (David, 2009). In the following sections, this study will focus on and examine the nature of strategy formulation, implementation, and evaluation activities, and analyze the potential pitfalls or risks in using a strategic-management approach to decision making.