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Strategic Management Essay

2711 words - 11 pages

1 INTRODUCTION

Strategic management as a form of study has vastly improved over recent years, this is mainly due to the dynamic environments that organisations have to cope with in order to effectively distribute and sell their products and services in. With these markets forever changing and evolving the managers of the organisations must constantly be forecasting and predicting what the markets might be doing in the future through past and current market trends to maximise competitive advantage and provide above average returns (Jarzabkowski, Balogun & Seidl 2007:5–7) as well as to understand the difference between discontinues and incremental change. According to Jarzabkowski et al ...view middle of the document...

Discontinuous change is considered to be unpredictable with rapid and intense shifts; revolutionary changes are also considered discontinuous changes. Incremental change on the other hand is considered to be more predictable and thus it evolves slowly and in a systemic manner over time (Unisa, 2015: 52).

Example of discontinuous change would be globalisation; globalisation causes rapid, unpredictable and abrupt shifts in the business environment. With the business environments being opened to various international markets, advanced technology and increased competition, the way in which business functions would have to constantly develop new methods and technology to keep themselves up to date with the industry (Unisa, 2015: 52). An example of incremental change would be the external growth strategy of integration with particular reference to horizontal integration, this is where the organisation increases it market share through acquiring another organisation this is conducted in a clear and predictable manner the change is conducted systematically over an extended time to ensure that it is conducted correctly (Louw and Venter, 2013: 362).

3 UNDERSTANDING STRATEGIC SUCCESS, ABOVE-AVERAGE RETURNS, COMPETITIVE ADVANTAGE AND STRATEGIC SURVIVAL.

To understand strategic success we would need to understand strategy in its simplest form; strategy can be seen as the game plan a manger needs to abide by in order to make the correct choices and decisions to increase the performance of the business.
The field of strategic management is ambiguous and highly contestable not to mention the fact that strategic management intersects with a variety of well-developed fields such as economics and finance to name a few these factors cause for a questionable and quite varied definition for the field (Nag, Hambrick & Chen 2007:936). Strategic management is determined by the efficiency and effectiveness of its management and their ability to define the organisations goals that create value this allows for the organisation to cope with the potential needs and wants of its stakeholders (Nag et al 2007:936).

The manager will look to meet customers’ needs and wants, have the ability to develop and integrate dynamic capabilities, achieve set performance targets and objectives to achieve ultimate grow for the organisation and finally be able to compete within the market (Louw and Venter, 2013: 10). Strategic success is determined by how well the organisations implements its chosen strategies and whether if certain strategies come under scrutiny are able to identify and diversify the strategy smoothly without affecting the organisation in negative manner. Thus for a strategy to be successful the organisation would need to have a fundamental understanding on what a strategy is and how to impose one on their organisation and markets (Unisa, 2015: 36). Strategic success is the end result of above average returns, competitive advantage and strategic survival (Unisa,...

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