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A choice of a certain strategy in business - Essay Example

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The essence of strategy formulation is coping with competition. Competition in an industry is rooted in its underlying economics, and competitive forces exist that go well beyond the established combatants in a particular industry…
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A choice of a certain strategy in business
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Download file to see previous pages Management strategy Abstract A choice of a certain strategy in business is the determinant factor of a future success. Under conditions of turbulent environment there is a need for businesses to react properly to various changes in the global context of the world. On the example of case-studies of different companies and the challenges they face with, this paper underlines the necessity to develop a more flexible and multi-sided strategic decision making. The main concepts for further research were borrowed from theoretical developments of Mintzberg (1998), Johnson et al (2008), Child (2005) and others. The specific question of the research study is : “….. adopting a simple profit-maximising perspective ..... can have positive impacts for a firm .....”. This claim is considered in terms of emergent and prescriptive approaches. Such companies, as Microsoft, Nokia and PowerCo emergent approaches are correlated with strategic decisions to increase their profits. The strategic developments within the modern companies are dynamic and flexible. This trend can be explained by the necessity for the companies to be more responsive in the global business world. Further on, we should underline the importance of financial and organizational issues of every firm and the company for a proper development of their future management strategies. Introduction Under conditions of the modern globalization there are evident trends of convergence and unification. Strategic decision making should be based on mutual understanding between the managers and employees and all parties involved should be ready to react to the immediate changes in the world. Current ‘management techniques’ are challenging and they should be considered in detail by the managers and the employees within every company and a firm with respect to the specific features of the inner structures of their organizations. The strategic management is a helpful tool for “choosing the right place for defining a unique position, making clear trade-offs, a tighter fit; it involves a comprehensive approach to managing all important aspects of the company's internal environment and it therefore significantly differs from other management techniques” (Child, 2005). Business planning and development strategies if developed under conditions of a dynamic environment should be focused on management strategies, which are responsive for structural, processing, systematic and cultural environmental changes. This discipline implies activities planning which are relevant to the orientation and functioning of the corporation. Profit-maximization perspective in the emergent approach of strategic management is a crucial technique for the modern managers and it should be noted that the contrasting strategy is the perfect example of discussion about profit-maximization policies. The field of contrasting strategy is a perfect field for focusing on owner-managed firms and professionally managed firms in their relation to profit maximizing perspective. The objects and behaviors of different firms may differ, but at the same time it is necessary to mention that profit maximization is “an oversimplified models of competitive interaction” (Volberda and Elfring, 2001). There is a close relationship between economics and strategy. In accordance with Mintzber (1992) “as never before, [strategic management] academics have adopted the language and logic of economics.” In the context of neoclassical economics a profit is the maximizing entity, which enables inputs transformation into outputs. Still, there are many opponents of profit-maximization perspective, because the modern companies are more concentrated ...Download file to see next pagesRead More
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