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 are crucial for organizations to achieve sustained competitive advantage, navigate uncertain business environments, and optimize their overall performance. This rationalization is supported by three academic sources, namely Barney and Mackey (2018), Kharub and Sharma (2017), and Ormanidhi and Stringa (2008), which provide valuable insights into the benefits and relevance of strategic management.
Achieving Competitive Advantage**: Strategic management techniques play a pivotal role in helping organizations gain a competitive edge over their rivals. According to Barney and Mackey (2018), a firm’s ability to achieve and sustain a competitive advantage is the essence of strategic management. This involves identifying the firm’s unique resources and capabilities that are valuable, rare, inimitable, and non-substitutable (VRIN). By leveraging these VRIN resources, organizations can create a competitive advantage that allows them to outperform competitors in the long run. The application of strategic management techniques helps firms recognize and exploit these distinctive advantages, leading to increased profitability and market share.
Adaptation to Dynamic Business Environment**: The business landscape is ever-changing, with disruptive technologies, changing consumer preferences, and global market forces influencing industry dynamics. Strategic management techniques enable organizations to adapt and respond to these changes proactively. Kharub and Sharma (2017) highlight the importance of the Porter Diamond Model in comparative analyses of competitive advantage. This model considers factors such as factor conditions, demand conditions, related and supporting industries, and firm strategy, structure, and rivalry. By using such models and frameworks, businesses can better understand their industry’s competitive environment and tailor their strategies accordingly, fostering adaptability and resilience.
Firm Analysis and Decision Making**: Strategic management techniques provide a structured approach to firm analysis and decision-making processes. Ormanidhi and Stringa (2008) emphasize the usefulness of Porter’s model of generic competitive strategies. This model categorizes competitive strategies into cost leadership, differentiation, and focus. By analyzing these strategies, firms can make informed decisions about their positioning in the market and align their resources and capabilities accordingly. This not only streamlines resource allocation but also facilitates effective decision-making at various levels within the organization.
In conclusion, the utilization of strategic management techniques is imperative for organizations seeking to enhance their competitive advantage, adapt to dynamic market conditions, and improve decision-making processes. The works of Barney and Mackey (2018), Kharub and Sharma (2017), and Ormanidhi and Stringa (2008) offer valuable insights into the significance and practical application of strategic management, reaffirming its importance in modern business practices. As organizations continue to face diverse challenges, embracing strategic management techniques will be a key determinant of their long-term success and sustainability.
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