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Prescriptive Approach to Business Strategy Formulation - Essay Example

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This essay explores various aspects of the practical application of the prescriptive strategies in modern management. Prescriptive strategy implies that the objectives are stated in advance and the critical elements of the strategy have been formulated before the implementation of the strategy…
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Prescriptive Approach to Business Strategy Formulation
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"Prescriptive Approach to Business Strategy Formulation"

Download file to see previous pages This essay describes main characteristics of the prescriptive approach to business strategy and compares it with the emergent approach. The present day business environment is largely characterized by the large scale fluctuations and turbulence in the business environment. This has called for an immediate need for business organizations to develop a strategic framework that seeks to generate competitive advantage.
Prescriptive strategy is largely being rated by scholars and business strategists as a top down approach. Prescriptive strategies are usually framed by the top management and are largely applicable in stable business environments. These strategies are increasingly employed when customers have low bargaining power and it is easy to predict customer’s moves and motives. This strategy therefore cannot be used in times of turbulence. Since the top management is the sole decision maker in the prescriptive strategy making process hence the decision maker is segregated from the target market that makes these strategies largely ineffective in turbulent and fluctuating business environment. Prescriptive strategies normally are effective during stable conditions when the situations are largely stable and the market behavior can be easily analyzed.
While prescriptive strategies may be beneficial in times of stable business environments however the emergent strategy framework with its bottom up approach and flexible nature scores well above the prescriptive approach in times of turbulence in the business markets. ...Download file to see next pagesRead More
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