A Critical Review of Strategic Management Model – Term Paper – rashedul.haque
Search
Essays
Sign up
Sign in
Contact us
Tweet
Index
/Miscellaneous
A Critical Review of Strategic Management Model
AbstractIn recent times world economy has witnessed a lot of dynamism and challenges. The success in corporate sector will depend on management’s recognition of the following functions: analyzing the environmental changes, selecting the strategists, helping them to think creatively, setting objectives, establishing strategies to achieve objectives, assign responsibilities and implementing the strategies, measuring success and evaluating results. Strategic management has been the subject of a substantial literature since the 1950s but has principally focused on the large corporation. By contrast the literature relating to strategic management within the small firms sector has remained limited. Much of the existing literature has dealt with business planning rather than strategic management. This paper outlines a proposed framework for understanding the strategic management of small entrepreneurial firms and draws upon the literature to illustrate aspects of the proposed model. Future directions for research using the framework are discussed.Table of Contents1. Introduction 61.1 Strategic Management Model 61.2 COMPETITIVE ADVANTAGE 61.3 Competitive Strategy 61.4 Sustainable Competitive Advantage 61.4.1 Creating Sustainable Competitive Advantage 61.5 Building Competitive Advantage 71.6 Five Major Competitive Strategies 71.7 Low-Cost Strategy 81.7.1 When to opt for Low-Cost Provider Strategy 81.7.2 How to Gain Competitive Advantage via Low-Cost Provider Strategy 81.7.3 Competitive Advantages 91.7.4 Cost Drivers 91.7.5 Pitfalls to Avoid in Pursuing Low-Cost Provider Strategy 101.7.6 Keys to Being a Successful Low-Cost Provider 101.8 Broad Differentiation Strategies 101.8.1 When a Differentiation Strategy works Best 111.8.2 Value Drivers 111.8.3 Cost-Efficient Management of Value Chain Activities 111.8.4 Managing the Value Chain Create the Differentiating Attributes 121.8.5 Pitfalls to Avoid in Pursuing a Differentiation Strategy 12
1.8.6 Delivering Superior Value via Broad Differentiation Strategy 121.9 Focused Low-Cost and Focused Differentiation Strategies 121.10 Best Cost Provider Strategies 131.10.1 Best-Cost Provider Strategy works Best 132. STRATEGIC MANAGEMENT PROCESS 142.1 Strategic Management 142.2 Strategy is About Competing Differently from Rivals 142.3 Strategic Management Process 142.4 Action Patterns for Strategies 152.5 A Company’s Strategy is Partly Proactive and Partly Reactive 162.6 Relationship between A Firm’s Strategy and Business Model 162.7 What Makes A Strategy Winner 173. VISION, MISSION AND OBJECTIVES 183.1 Why Vision Statement is Important 183.1.1 Dos and Don’ts of a Vision Statement 193.2 Developing a Company Mission Statement 193.3 Core Values 193.4 Objectives 193.4.1 Purposes of Setting Objectives 193.5 Classification of Objectives 193.5.1 Financial Objectives 193.5.2 Strategic Objectives 193.5.3 Short-Term Objectives 203.5.4 Long-Term Objectives 203.6 The Need for a Balanced Approach to Objective Setting 204. EXTERNAL ANALYSIS 204.1 PESTEL Analysis 204.2 Five Forces Model 214.2.1 Competitive Pressures Increase Rivalry among Competitive Sellers 224.2.2 Common “Weapons” for Competing with Rivals 234.3 The Threat of New Entrants 234.3.1 Market Entry Barriers for New Entrants 244.4 Competitive Pressures Stemming from Supplier Bargaining Power 24
Continue for 39 more pages »
Read full document
Download as (for upgraded members)
Citation Generator
MLA 7
CHICAGO
(2016, 11). A Critical Review of Strategic Management Model. EssaysForStudent.com. Retrieved 11, 2016, from
“A Critical Review of Strategic Management Model” EssaysForStudent.com. 11 2016. 2016. 11 2016 <
"A Critical Review of Strategic Management Model." EssaysForStudent.com. EssaysForStudent.com, 11 2016. Web. 11 2016. <
"A Critical Review of Strategic Management Model." EssaysForStudent.com. 11, 2016. Accessed 11, 2016.
Essay Preview
2 rating(s)
By: rashedul.haque
Submitted: November 30, 2016
Essay Length: 9,889 Words / 40 Pages
Paper type: Term Paper Views: 706
Report this essay
Tweet
Related Essays
The Tempest, Critical Review
Prospero's Plottings After years of writing plays of history, tragedy, grand comedy and dramatic romance, William Shakespeare emerged from his darker writing of the past
794 Words | 4 Pages
A Critical Review of the Emergence, Development, Business Models and Performance of the Application Service Provider (asp) Sector
The internet proved itself in its ability to create new business and give birth to companies that succeeded into the millions. These new businesses managed
2,984 Words | 12 Pages
A Critical Review of the Emergence, Development, Business Models and Performance of the Application Service Provider (asp) Sector
The internet proved itself in its ability to create new business and give birth to companies that succeeded into the millions. These new businesses managed
3,040 Words | 13 Pages
A Critical Evaluation of the Impact of Change Factors and Strategic Management Initiatives on Banking Industry
“A critical evaluation of the impact of change factors and strategic management initiatives on Banking Industry.” Today banking plays a vital role in our society
3,771 Words | 16 Pages
Similar Topics
Strategic Management Tool Public Management
Strategic Management Policy Case Study
Get Access to 89,000+ Essays and Term Papers
Join 209,000+ Other Students
High Quality Essays and Documents
Sign up
© 2008–2020 EssaysForStudent.comFree Essays, Book Reports, Term Papers and Research Papers
Essays
Sign up
Sign in
Contact us
Site Map
Privacy Policy
Terms of Service
Facebook
Twitter