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Business Strategic Management - Essay Example

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Business strategic management Table of contents Importance of achieving strategic fit 3 Porter’s five forces framework as a tool of competitor analysis 5 Rationale behind revolutionary and evolutionary approach to change 10 Strategic drift 12 Ways to avoid strategic drift 13 Role of administrative management in implementing strategic change in organisation 14 References 17 Importance of achieving strategic fit When an organization has diversified portfolio in its business, the management of such organization forms strategic business unit…
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Download file to see previous pages Strategic fit characterizes the degree of matching the capabilities and resources of an organization to the opportunities prevailing in the external environment. The matching takes place through strategy so the company is required to have its actual capabilities and resources for supporting and executing the strategy Strategic fit can be actively used for evaluating the current strategic situation of a company along with the opportunities of divestitures and mergers and acquisitions of divisions of organization. Strategic fit is also viewed on the basis of resources of the firm suggesting that industry selection and positioning is not only the key to profitability rather an internal focus utilising the unique characteristics of the resource portfolio of the company and its capabilities is the key to profitability. ...
Operational fit arises when different businesses work along for exploring opportunities of skill transfer and cost sharing. Management fit revolves among both the businesses in terms of some comparable units like operating problems, administration and various administrative activities. It also allows accumulated managerial know how in one business to be used in managing other business. It is necessary that the management of business should take actions to capture benefit (Armstrong, 2003, pp.116-117). Benefits with sharing potential must be recognized so that the activities to be shared are coordinated and merged. When skill transfer takes place, a means must be found to make it effective. It is required for the medium sized business to achieve strategic fit as it provides consistency between customer priorities of competitive strategy and capabilities of supply chain as specified by the strategy of supply chain (Dessler, 2010, p.51). The strategies of supply chain and competitive strategy have the same goal. Due to lack of strategic fit, a company may fail. Achievement of strategic fit involves three steps. These involves the understanding the uncertainty in supply chain and customer, understanding the capabilities of supply chain and achieving strategic fit (Armstrong, 2008, p.38). Strategic fit has a central role for playing in strategic management. While the external strategic fit is relevant to formulate strategy, the internal strategic fit is critical to the implementation of strategy (Gabriel, 2008, p.133). A high strategic fit is important as it enables the scope of learning new skill sets, timely and appropriate response, resource commitment from top management, better ...Download file to see next pagesRead More
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