Provide a rationalization for using strategic management techniques. Please use the below references. Cite at least 3 academic sources in APA 7 to support your answers.
References:
Barney, J. B., & Mackey, A. (2018). Monopoly profits, efficiency profits, and teaching strategic management. Academy of Management Learning & Education, 17(3), 359-373.
Kharub, M., & Sharma, R. (2017). Comparative analyses of competitive advantage using Porter diamond model (the case of MSMEs in Himachal Pradesh). Competitiveness Review, 27(2), 132-160.
Ormanidhi, O., & Stringa, O. (2008). Porter’s model of generic competitive strategies: An insightful and convenient approach to firm’s analysis.
Strategic management techniques play a crucial role in guiding organizations towards achieving their goals and maintaining competitive advantages in dynamic business environments. This essay will provide a rationalization for using strategic management techniques based on insights from academic sources. The chosen references include Barney and Mackey (2018), Kharub and Sharma (2017), and Ormanidhi and Stringa (2008). By drawing from these sources, we will explore how strategic management facilitates the identification of competitive advantages, enhances business efficiency, and fosters organizational learning and development.
The first key rationale for using strategic management techniques is their ability to identify and exploit competitive advantages. Barney and Mackey (2018) emphasize that strategic management frameworks enable organizations to assess their internal resources and capabilities, which are critical in determining their unique competitive advantages. By conducting a comprehensive analysis of both tangible and intangible assets, businesses can pinpoint their strengths and weaknesses. Kharub and Sharma (2017) corroborate this, demonstrating how the Porter diamond model helps small and medium enterprises (SMEs) in Himachal Pradesh assess their competitive advantage through factors such as factor conditions, demand conditions, related and supporting industries, and firm strategy, structure, and rivalry. By aligning their strategies with these advantages, organizations can position themselves effectively in the market and differentiate themselves from competitors.
Strategic management techniques contribute significantly to enhancing business efficiency. Ormanidhi and Stringa (2008) assert that Porter’s model of generic competitive strategies provides organizations with insightful and convenient approaches to analyze their business operations. The model helps firms focus on cost leadership, differentiation, or focus strategies, aligning their internal activities to achieve optimal efficiency in their chosen direction. Through strategic planning and resource allocation, organizations can streamline their processes, minimize wastage, and optimize productivity. Such efficiency gains can lead to cost savings, increased profit margins, and improved overall performance.
Strategic management techniques also foster organizational learning and development. Barney and Mackey (2018) argue that the strategic management process involves continuous assessment and adaptation, encouraging a learning-oriented culture within the organization. By monitoring the external environment and internal dynamics, organizations can identify emerging opportunities and challenges, promoting proactive responses. Kharub and Sharma (2017) suggest that this continuous learning and adaptation are particularly crucial for SMEs to cope with changing market conditions and grow sustainably. Through strategic management practices, firms can become more agile, innovative, and resilient, positioning themselves for long-term success.
In conclusion, the use of strategic management techniques is rationalized by their capacity to identify competitive advantages, enhance business efficiency, and foster organizational learning and development. By leveraging insights from Barney and Mackey (2018), Kharub and Sharma (2017), and Ormanidhi and Stringa (2008), organizations can position themselves strategically, adapt to changing market dynamics, and achieve sustainable growth. Embracing strategic management as a core business practice empowers organizations to stay ahead in a competitive landscape, promoting long-term success and profitability.
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