Importance of Resource Based View for Strategic Management - Essay Example

?Strategic Management Table of Contents Introduction 3 Importance of Resource Based View for Strategic Management 3 Conception and Importance Of Strategic Management 4 Role Of Strategic Management In Helping A University At The Quest For Competitive Advantage And Real Life Examples 5 6 Conclusion 7 Reference List 8 Introduction Strategic management is regarded as a procedure that takes into consideration aspects like actions, analysis as well as decisions supporting an organisation towards the attainment of organisational objectives. The purpose of strategic management is to create new and different opportunities for the organisations to sustain in its usually competitive environment. In brief, the notion of strategic management is fundamentally described as the procedure of devising along with executing effective strategies with the intention of supporting an organisation to attain its expected business targets (Nag et al., 2007). With this concern, the prime target of this paper is to determine the significance of research based view for strategic management. This study would provide a brief overview about the conception of strategic management and its importance. Moreover, the role of strategic management in helping a university in the quest for competitive advantage and the illustration of certain real as well as relevant examples would also be discussed in this paper. Importance of Resource Based View for Strategic Management In order to determine the significance of resource based view particularly for strategic management, it can be stated that resource based view can be duly considered as one of the perspectives that provide a rationale concerning how the different facets of human resourcess (HR) support an organisation to accomplish a greater competitive advantage (Cornell University ILR School, 2001). According to the resource based approach or view, the characteristics of the employees seem to be critical issues in the arena of strategic management. Especially relevant in this regard, the activities performed by the employees always have a significant impact upon the overall performance of an organisation. It can be affirmed that employees are often regarded as most significant assets for any organisation, but poor work design or mismanagement of employees may destroy the overall strategic impact of an organisation by a great degree. Research-based view of strategic management gives a clear idea of why different sorts of HR practices lead towards raising competitive advantage of a particular firm (Von Pock, 2007). Conception and Importance Of Strategic Management The conception of strategic management is regarded as an effective and significant management tool which supports an organisation in performing better job tasks (Analoui & Karami, 2003). There are different models or procedures that are used in the strategic management process of any particular organisation. In a similar regard, the procedures comprise identifying, analysing, formulating the recognised problems in a more descriptive way and finally evaluating as well as providing solutions to mitigate the problems identified. In order to determine the significance of strategic management, an organisation can achieve its expected business targets through proper conduct of strategic management. In the context of strategic management, mission as well as vision represents the fulfilment of organisational objectives. Moreover, the notion of strategic managements provides a clear idea about the strategic mission and vision of an organisation. Through the approach of strategic management, an organisation can properly identify its strengths along with weaknesses. The importance of strategic management is that it allows an organisation to be more active in performing various operational functions. For various organisations, it is quite necessary to implement a proper strategy because it helps them to comply with the requirements of the customers and most significantly to mitigate any sort of problem or complexity. The aspect of strategic management usually supports an organisation in making the comparison of the differences prevailing between the actual and future situation. Generally, the purpose of strategic management is to ensure overall compliance with the laws, regulations and business policies. Researchers within the context of strategic management reveal that proper human resources based practices may lead an organisation to increase its overall performance. Moreover, proper supervision of the human resources provides a systematic approach to the organisations. Basically, the significance of strategic management is determining how employment relationships can be managed in such a way as to contribute optimally to attain organisational goals (Von Pock, 2007). Role Of Strategic Management In Helping A University At The Quest For Competitive Advantage And Real Life Examples It can be stated that every university has something in common with all others when it comes to mission and vision in order to accomplish superior competitive position. This particular practice eventually helps the universities to compete with others. In general, the ambition of the universities is to become the foremost among others throughout the entire planet in terms of delivering proper education to the students. It can be clearly observed that all the renowned universities adopt as well as execute certain common strategies in order to survive in this competitive landscape. In this similar context, one of the vital strategies adopted by the universities is delivering proper and valuable education to the students for the purpose of attaining superior competitive position In addition, the strategy concerning excellent campus recruitment can also be regarded as a decisive strategy of the universities in the quest for gaining superior competitive advantage. Relating to real and relevant examples, the strategic plan of Cornel University can be viewed to be faculty excellence which eventually leads it to attain superior competitive position (Cornel University, 2010). In addition, the strategic plan of Maryland University is to develop effective communication with every student and other members making it one of the renowned universities in the world (University of Maryland, 2010). Conclusion From the overall analysis, it can be stated that the perception of strategic management plays a decisive part for organisations in terms of supporting them in attaining their respective predetermined business targets. The significance of strategic management can be justified with reference to the fact that it assists the organisations regarding how the job tasks or the operations will be performed in an effective manner. It is worth mentioning that any strategy which is adopted as well as executed by an organisation can be a step by step approach to the businesses. It can be affirmed that the idea of strategic management also plays an imperative part for various universities in the quest for competitive advantage in terms of delivering proper education and developing effective communication with them. Reference List Analoui, F. & Karami, A., 2003. Strategic Management in Small and Medium Enterprises. Cengage Learning EMEA. Cornell University ILR School, 2001. Human resourcess and the Resource Based View of the Firm. CAHRS, pp. 1-37. Cornel University, 2010. A Strategic Plan. Strategic Initiatives. [Online] Available at: https://www.cornell.edu/strategicplan/strategic-initiatives.cfm [Accessed August 08, 2013]. Nag, R. et al., 2007. What Is Strategic Management, Really? Inductive Derivation of a Consensus Definition of the Field. Strategic Management Journal, pp. 1-21. University of Maryland, 2010. University Strategic Plan. Culture. [Online] Available at: http://www.sustainability.umd.edu/content/about/university_strategic_plan.php [Accessed August 08, 2013]. Von Pock, A. 2007. Strategic Management in Islamic Finance. Springer. Read More