Making Strategy: The Journey of Strategic Management - Essay Example

Strategic management module can be learnt either through written materials, activities and case studies which are found in learning It can also be through experimental learning and action learning where much is gained in live circumstances. Rapid changes in economic and technical environment are being experienced daily. It is for this reason that makes a firm be ready to cope with these regular changes. Organisational changes create management issues thus managers should anticipate strong consequences when this change process begins. One objective of this model is that it gives the future consultants tools set for adaptation to reforming imperatives and managing changes (Ackermann & Eden 1998). Strategic management is the process meant to draft, implement and evaluate functional decisions that enables an organisation to achieve its long term goals. Ackermann & Eden (1998) states that strategic management involves the mission, vision, objectives as well as policies designed to achieve these set objectives. This model has got various theories and model. These include; Porters five forces. These forces determine the competitive intensity and attractiveness of the market. To begin with we look at the threat of new competitors. In a market situation especially a profitable one, may result to high output that attracts investors and therefore decrease the market share. To deal with this problem, a manager needs to set up objectives and strategies that will maintain their customers. These strategies may include customer loyalty. Another force is the rivalry between existing firms. This is where firms operating on the same level compete for market share and profitability (Ackermann & Eden 1998). Managers set up strategies based on price, quality and innovation of brand names. Competition can mostly be avoided through technological progress. Bargaining power of buyers is also categorised in the porter’s five forces of strategic management. It can be defined as the ability of the buyers to make the firm run under pressure. It also involves the bargaining power of suppliers and the threats of substitutes that affect a market situation. In reference to the above models, I think the perceived strengths would be insisting on customers’ royalty. This is because the customer will always be right. If this objective is enhanced then there will be increase in market share as well as firm’s output. The weakness of practicing this model is that most firms would not afford raw materials such as capital to influence change in their organisation and thus they turn out to be laggards. It is very true that the strategic management models have an effect in our daily procedures (Ackermann & Eden 1998). This is because it initiates theories relating to leadership and management. It also shows how they can be applied in real life situation. Knowledge about strategic management prepares learners for positions which require strategic competences in big firms. It sometimes concern internal and external project management and consultations. It enhances team work and change processes in organisations especially globally. According to the way the tutorial is organised, I think it would have been better to include more class presentations (Ackermann & Eden 1998). This would have enabled everyone to participate and have their own opinion. The module has provided learners with theoretical and practical understanding of the way cooperate strategy is formulated in reference to environmental and internal conditions. The module also aims to develop a broad and an ethically sound picture of formulating business policies focusing on dynamic and stakeholder’s needs. The module helps one understand the insinuation of threats and opportunities as well as the need to identify the strengths and weaknesses affecting international firms. As a learner, I have achieved knowledge and understanding to help me achieve my educational goals and also to deal with situations when they arise. I have also gained intellectual or cognitive skills, practical or professional skills in addition to transferable skills. These skills will help me for example think theoretically and strategically about a business situation. They will also enable me to critically assess reality and research data about business. I will also be capable to differentiate assumptions and evidence in periodicals and business reports. Having gained these skills, I will be in a position to examine a company’s capabilities and resources and to come up with recommendations on how companies can develop their strengths and diminish their weaknesses. I will be able to incorporate knowledge, theory and practice to a strategic and dynamic overview of the business. Decisions will be made complex, propose and be able to implement suitable solutions (Ackermann & Eden 1998). Understanding the major issues affecting the global strategy of a business and coming up with policies and strategies will be easy. Intellectual skills will enable me in communication especially in business discussions as well as handling problems systematically, holistically in reference to originality, insight and significant evidence. Finally, these skills will enable me offer sound judgement and to give feedback to issues addressed in meetings. In order to develop these skills further, I will try as much as possible to attend seminars as this will facilitate exposure to practical business cases. I intend to take my skills forward through consultations especially in seminars where I will be able to sensitise other managers on the usefulness of strategic management. I will also be in a position of making a qualitative analysis and evaluation of a firms strategic position and try to look up for solutions (Ackermann & Eden 1998). To develop my personal and interpersonal skills this will best be achieved through teamwork practiced at place of work and also the way I will react towards my colleagues and employer (Ackermann & Eden 1998). These actions will help me develop my study as people will have trust on the ideas I give towards improving the organisational structure. Beneficial changes in my future academic development are bound to happen because of the knowledge that I have already gained of strategising issues once they happen. These changes may include going a step further to higher education. Taking advantage of this module will be to use it in analysing the position of the organisation that I will be running as a manager as I am to make sure that it will be the best performing in that region. References Ackermann, F & Eden, C 1998, Making strategy: The journey of strategic management, 1st edn, London, Sage Publications Ltd. Read More