Strategic management formulation implementation and control free download

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Our writers are able to handle complex assignments from their field of specialization. When it comes to finding the best specialist for your paper there are 3 categories of specialist that we have to look at;. Strategic management is concerned with the determination of the basic long-term goals and the objectives of an enterprise and the adoption of courses of action and allocation of resources necessary for carrying out these goals.

Some of the strategic management questions and answers are mentioned below. You can download the QnA in strategic management pdf form. If you have already studied the strategic management notes , then its time to move ahead and go through previous year strategic management question paper. It will help you to understand question paper pattern and type of strategic management question and answer asked in mba strategic management exam. Below is the list of strategic management book recommended by the top university in India.

Below is the top strategic management book that can be bought from Amazon. In Section 1 , a review is made in the time of the definition of strategy. Section 2 describes the methodology used. Section 3 defines and describes the strategic approaches. Section 4 describes the general characteristics for the creation of the main strategies and defines the importance of the organizational structures for the definition of the strategies.

Section 5 defines the concept of formulation of strategies through the strategic planning and its classification. Finally, Section 7 concludes the study. A systematic review of literature has been carried out as appropriate methodology, in order to produce a reliable knowledge inventory, according to what is proposed by [ 19 ]. Several authors have used systematic review of literature to carry out their research, for example, Crossan and Apaydin [ 20 ] proposed to synthesize several perspectives through an integral multidimensional framework on organizational innovation; Peres and Fogliatto [ 21 ] showed the current state of the integration of the methods of selection of variables for the multivariate statistical process control; Nguyen et al.

For this research, the searching process is limited to published literature, including books, conference proceedings, and literature obtained from electronic sources, mainly databases of scientific data. The keywords used are industrial organizations, organizational behavior, strategic administration SA , strategic approaches, and strategic evaluation.

The articles reviewed are in the area of organizational structures, SM, management control, and strategic planning. This research covered the review of 5, publications from which 69 books, 7 conference articles, and journals made major contributions.

The literature review corresponds to the period from January to June Each of the articles reviewed was classified according to the subject of its content Table 1 , taking into account the different criteria of each authors.

With the aim of linking and tracking the investigations Table 2 shows the number of publications per journal, and Table 3 shows the number of publications by country and the affiliations of universities by country of each author. In the last decades, a quite freely reference has been made to the concept of strategy.

Therefore, there is not a unique point of view to define them. Thus, there are several generic approaches that manage to reflect different answers about what the strategy is good for and how to reach it; these approaches are implicit in two main strategies and were proposed in [ 25 ]. It is responsible for conceiving the global direction of the organization.

The classic approach of the strategic formulation is based on the rational methods of planning, resource allocation, and profitability. For Chandler [ 5 ], the structure follows the strategy. If the strategic plan is defined, the appropriate structure arises easily. According to Ansoff [ 26 ], this approach places great confidence in the hierarchy or scorecard and trusts in the intelligence and ability of the leaders to adopt strategies that maximize long-term benefits; the control and knowledge are competence of the executive director.

This approach requires a transformational leadership, considered as the most effective way of leadership in all the array of models; this comprises four types of behaviors: intellectual stimulation, motivation, commitment, and effort, that culminate in better performance [ 27 ].

Porter [ 28 ] indicates that the process of a competitive strategy is the development of the wide formula of how a company is going to compete, which must be their objectives mission or objective and which policies will be needed to carry out those goals. According to Sloan [ 29 ], for the classic approach, the progress and stability of the business depends largely on the development or creation of strategies. The importance of each specialization of the strategy is recognized, stating that it should be independent of the execution policies.

The evolutionary approach raises the inability to generate strategies from inside; according to [ 30 , 31 ], this approach proposes that the organizations are drifting of the changes of the external environment and depends on the magnitude of it, that is the market which defines the strategy, being this in charge of guaranteeing the minimal or maximum benefits.

According to Freeman and Hannan [ 32 ], the organizational selection processes favor them and the organizations that can change the strategy and the structure as their environment change. The successful strategies only emerge as the process of natural selection offering its judgment.

In this approach, the role of the top management is null and nevertheless are fundamental in the identification of the threats. Following this approach, Peters and Waterman [ 33 ] state that the keys of excellence have to do with focusing on people, clients, and action.

The eight principles for the excellence, proposed by these authors, allow any manager to make a diagnosis and evaluate its performance. These state that the application of these principles give the necessary clues for managers to convert their companies in organizations of excellence both in operation as in results.

In the same way, supported on the evolutionary approach, Williamson [ 34 ] states that the strategy in the classic sense of rational planning oriented to the future is often irrelevant; this assertion is supported by Gotcheva et al.

The systemic approach gives the capacity to the organizations of planning and acting effectively in their environments, it is relativistic. According to Granovetter [ 36 ] following the approach about the social incorporation of the economic activity, the systemic vision proposes the objectives of the strategy to be designed depending on the context of the social system in which it is developed, understanding that the strategies must be sensitive to the sociologic environment of the organizations which guides the strategy are particularities of a concrete sociological environment.

According to Granovetter [ 37 ], a central principle of the systemic theory is to observe the decision makers as complex individuals, whose decisions are not based exclusively on economical conceptions, and understand the interrelation of the multiple variables of the society and its effect with the environment. Following the systemic approach, Whitley [ 38 ] states that a central principle of the economic sociology is that culture and the regulatory institutions help to constitute the nature of the economic actors and guide their actions, thus affecting the economic results.

According to Clegg et al. Cyert and March [ 40 ] visualize the organizations as a system of rational adaptation that responses to a variety of external and internal restrictions when reaching decisions. Theorists of the strategies based on the resources as [ 41 ] state that the managers owe their strategies to competitive advantages of the organizations and the market processes, insisting on the informal learning and the personal vision [ 42 ].

The members of the organizations negotiate among them to arrive to define a set of objectives more or less acceptable of all, that is, the strategy is the product of a political commitment [ 43 ] and not of a calculation to obtain the maximum benefits [ 44 ]. There is a multiple interest in formation of coalitions to take care of the interests of the organizations. Following with this approach, Hamel and Prahalad [ 45 ] defend that the best competitive advantage of a company is its vision of the future; they claim that organizations must search and strengthen the most developed competitive advantages that are difficult to emulate by the competitors.

At the same time, Weick [ 46 ] sees the organizations as a system that selects wrong information of its environment, stating that in the future the organizations evolve when they obtain knowledge outside themselves and their surroundings. It is the complement of the general strategy. Its application corresponds to the leader or director. At directive level, this strategy is used as a mean to perform various functions, serving as support in decision making and carry out coordination processes and communication of goals or the strategic purpose.

According to Galbreath [ 48 ], any business strategy must incorporate in an effective way the concept of corporate social responsibility CSR. According to Bento et al. Lee et al. SM implies the formulation and implementation of the main objectives and initiatives adopted by the senior managers of a company, in relation to owners, based on the consideration of the resources, and an evaluation of the external and internal environment in which the organization competes [ 53 ].

Thus, it should have at least five attributes to be a business strategy [ 54 ]: 1 be measurable, 2 clarity in the objectives, 3 resource consumption, 4 assignment of responsible, and 5 that it can be checked. Companies now focus more on exploitation of external resources such as customers, rather than internal efficiency, to gain new competitive advantages. The adequacy of the strategies can be defined from various approaches, each of which reflects different indicators; these indicators are based on the profit impact of market strategy PIMS structure in order to define the strategic potential Table 4.

According to Peppard and Ward [ 57 ], any organizational strategy must define where the company wants to be in the future and evaluate objectively where it is now to decide how to get there; taking into account the options, alternatives, available resources, and the needed changes. A company achieves a superior profitability in its industry when achieving higher prices or lower costs than its competitors; this is achieved through the operative effectiveness or the strategic positioning [ 58 ].

For Rumelt [ 59 ], a good strategy is a coherent set of analysis, concepts, policies, arguments, and actions that give responses to a high-risk challenge. The strategies based on the costs have been considered among the generic forms of strategic positioning [ 60 , 61 ].

According to Reitzig and Maciejovsky [ 62 ], the creation of a strategy is not only a task for the executives; on the contrary, the definition of the business approaches and new measures to initiate, involve all the hierarchy levels of the organization head of business unit, heads of products, heads of functional areas within a business or division, administrators, and supervisors.

The academics and professionals are more and more interested in the concept of sustainability integrated measure of the economic, social, and environmental performance [ 63 ]. For Iazzolino and Laise [ 64 ], the strategies must be socially sustainable, creating value not only for the shareholder but also for the other interested, for the employees.

According to Radomska [ 65 ], the sustainability issues in the strategies are becoming a natural element of the business policies, and their actions are important for the business of the company and for the financial result, as to cost reduction, cleaner production, gas reduction, and so on [ 66 ].

For supply change management, the sustainability is an important issue, creating a new age of business thinking and a source of competitive advantage [ 67 , 68 ]. According to Nikulin and Becker [ 70 ], in order to analyze the situation in which a company is found, the most commonly used is the SWOT analysis, which allows to determine strengths and opportunities of the company as well as the weaknesses and threats that the market offers in the scope of its business.

According to Hill et al. For Hussein et al. For Norashikin and Ishak [ 74 ], an organization with organizational learning culture improves significantly the competitive advantages, allowing to survive in a competitive world [ 75 ]; in the same way it provides improvements in the performance of the companies supported by the concept of transactional organizational learning, and this mechanism allows the organizations to keep the knowledge and transmit it to specialists for the generation or rethink of new rules [ 76 ].

Power and D. Waddell and D. Coghlan[ 77 , 78 ] analyzed the relation between self-managed work and the organizational learning capacity as indicators of performance in the improvement of the innovative capacities of the companies. The organizations change through the transformation and restructuring of the resources and capacities [ 79 ].

One of these transformations implies to decide what kind of organizational structure is the most propitious to achieve a competitive advantage [ 80 ]. Good organizational structures act as moderators for improving the influence that leaders have about the behavior, performance, and work of their subordinates, in search of the satisfaction of the client [ 81 ].

Different authors have defined the concept of organizational structure. For Mintzberg [ 82 ], all are the patterns of design to organize a company, taking into account all the forms in which work is divided and the subsequent coordination of the same, searching to meet the proposed goals and to achieve the objectives set. For Strategor and Anastassopoulos [ 83 ], an organizational structure is the set of responsibilities and relations that formally determine the functions that each unit must accomplish and the way of communication between each work team.

Chin [ 84 ] made an evaluation of how the leadership of men and women influence in the organizational structures, this author states that skills of men and women gain similar legitimacy, but when an organization fails, the perception of competence of women leaders, the status, and the interpersonal skills fall more than those of men. The following are the requirements for the implementation of an organizational structure: 1 hierarchy of power and authority for the establishment of responsibilities and goals, which must be verifiable, accurate, and achievable [ 85 ], for them to be precise they must be quantitative and for being verifiable they must be qualitative.

The area of authority of each person must be set, that everyone must do to achieve the goals [ 86 ]. The organizations created the structures to coordinate the activities of work factors and control the member performance [ 90 , 91 ].

Based on these two authors, Table 5 describes the advantages and disadvantages of each type of organizational structure proposed in this study.

The objective of this strategy is to add value to the business portfolio of the companies reaching to overcome its competitors [ 92 ]. If an organization is in more than one line of business, a strategy at a corporative level will be needed diversify company.

The corporative strategy can be understood as the possibilities that an organization has to define its future positioning [ 93 ]. The way to announce this positioning can go from simple motivation messages until reaching to strict objectives and deeply detailed of the business, relating the indicators and the variables of business, with a rigid methodological approach [ 94 ]. Examples of that are the competitive priorities, which are translated from the operative decisions derived from the corporative strategies and the client requirements [ 95 ].

According to Mazzei and Noble [ 96 ], the corporative strategy is in charge of determining which data must be collected and analyzed, becoming a key factor for the correct decision making. For Dolphin and Fan [ 97 ], when formulating corporative strategies and the public relations have become in a function more and more important in the business organizations.

Corporative communication managers are in charge of examining the impact and formulating the strategy [ 98 ]. For diversifying organizations, each division will have its own strategy that defines the products or services provided, the clients they want to reach, and so on. The strategy at business level generally is the same that the corporative strategy of the organization. Action plan for the small organization with only one line of business or the big organization has not diversified in different products or markets.

The business strategies have potential to make an impact of first order about the risk of financial accident, a direct economic consequence for the owners, and investors of the companies [ 99 ]. These strategies are approaches and measurements created by the administration with the aim of producing a successful performance in a specific business line. The main importance of the business strategy consists on how to create and reinforce the competitive position of the company on a long term in the market.

According to Bentley et al. Porter [ 28 ] describes the business strategies in terms of leadership in costs and differentiation of products; March [ ] in terms of exploration and exploitation; Treacy and Wiersema [ ] in terms of operational excellence, leadership of product and trust with the client; Miles and Snow [ ] and Dekoulou and Trivellas [ ] in terms of innovation to identify and explore of new products and market opportunities; and Quezada et al.

These authors evaluate and generate action plans to improve the competitiveness, taking into account the owner preferences. When an organization is in different business, the planning can be facilitated by creating a strategic business unit SBU. SBU represents a unique business or a group of business related, for which is possible to formulate a common strategy.

Each SBU will have its own distinctive mission and different competitors; this allows it to have an independent strategy from the other business of the organization. For Dubey and Ali [ ], this strategy is close to the definition of processes and actions, that is, it responds to how things must be done or how must be used and applied to the resources.

The functional strategy depends and must be well defined and aligned with the corporative and the business strategies. It is considered that the production strategy has been the most effective in the past and will continue to receive the maximum priority in the next years. In general, continuing with the order of importance are the technological strategy and the human resources strategy.

Within the two functions is the configuration of a reference framework for the planning, the control of the production and fixation of guidelines to evaluate the contribution of the operation management to the general objectives of the company. The operation strategy starts from an analysis of the environment, the market and the competitors, as well as a study of the available internal resources, to fix objectives and plans of route. The corporative values serve as guide when planning the operation strategy.

The final objective of the operation strategy is to find competitive advantages that clearly difference the company from its competitors [ ]. It is that the value added to the product or service offered justifies a higher price in the final product that the customer is not only willing to pay, but satisfied to do it.

This advantage must be sustainable overtime and difficult to imitate, among other qualities. The main responsibility of this strategy is delegated to the director of the operations area, subject to revision and approval for administrators of higher rank general director or directive board.

According to Wheelwright [ ], it is necessary to design and implement operation strategies coherent with the business mission, always supporting the corporative objectives [ ]. This strategy must provide the objectives of production to achieve competitive advantages, focusing in a uniform decision making model within the category of the key resources of production [ ].

Moreover, to announce the way in which the business units develops or deploys the production resources [ ]. Strategic Leadership: Managing the Strategy Process 3. Business Strategy: Innovation, Entrepreneurship, and Platforms 8. Corporate Strategy: Vertical Integration and Diversification 9. Organizational Design: Structure, Culture, and Control Disney: Building Billion Dollar Franchises Hollywood Goes Global Full-Length Cases 1.

Airbnb Inc. Kickstarter 3. Facebook, Inc. Space X 5. Delta Air Lines, Inc. The Movie Exhibition Industry 7. Best Buy Co. Walmart, Inc. Tesla, Inc. Netflix, Inc. Apple, Inc. UPS in India Of course, there are still firms that do not engage in strategic planning or where the planners do not receive the support from management. These firms ought to realize the benefits of strategic management and ensure their longer-term viability and success in the marketplace.

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