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Assignment 2 Individual Reflection to the module of Strategic Management - Essay Example

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It can also be through experimental learning and action learning where much is gained in live circumstances. Rapid changes in economic…
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Assignment 2 Individual Reflection to the module of Strategic Management
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Assignment 2 Individual Reflection to the module of Strategic Management

Download file to see previous pages... ective 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 ...Download file to see next pagesRead More
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