18 pages/≈4950 words
Business & Marketing
The New Strategic Management (Essay Sample)
Outline for the strategic management : The Question: Your task is to demonstrate an understanding of the role of academic models and frameworks in strategic management. This will include an assessment of the extent to which these models may help to analyse, explain, and prescribe an organisation's strategy. A formal evaluation of the strengths and weaknesses of one of these analytical tools is therefore necessary. Please note that you must evaluate a specific model by utilising a range of literature and so you should select one on the basis that literature that appraises them does exist. A superficial, descriptive discussion of a model will attract few marks. I have chosen model name Five Forces porter it is a model from the strategic management Suggested assignment structure Abstract 150 words Introduction 350 words - explain how I am going to discuss the assignment. Main body 4000 words 1. General discussion: This section should explain why models are so commonly used in strategic management and focus on answering two key questions: How might models help senior managers deal with the challenges facing them? Can the use of models actually improve decision-making? 2. Description: This section should offer a brief description and explanation of a model of your choice. (NB this section only attracts 10% of the overall mark and so should not be an exhaustive description) 3. Reflection: This section must evaluate the strengths and weaknesses of the model selected. This evaluation requires you to find and synthesise the views of a range of authors who have offered critiques of this model. For the model which I have chosen Five Forces porter Bibliography Appendices Evidence of wide reading is necessary Maximum word length (excluding tables, graphs and figures and appendices) = 5,000 Approximate weighting of marks: Section 1 = 30%, Section 2 = 10%, Section 3 = 60% Please make sure you use the arguing method between authors in section 3 Also we have to compeer the model ( Five Forces porter) with another models at least 2 models E.G. pastel or any others by arguing method between authors Conclusion - give opinion and what's my summery for the question 500 words Bibliography At least it has to have 24 books and journals (websites only for charts) source..
THE NEW STRATEGIC MANAGEMENT
(21 January 2011)
Table of Content TOC \o "1-3" \h \z \u
HYPERLINK \l "_Toc283383066" Abstract PAGEREF _Toc283383066 \h 3
HYPERLINK \l "_Toc283383067" Introduction PAGEREF _Toc283383067 \h 4
HYPERLINK \l "_Toc283383068" Strategic Management PAGEREF _Toc283383068 \h 5
HYPERLINK \l "_Toc283383069" The Porter’s Five Forces PAGEREF _Toc283383069 \h 10
HYPERLINK \l "_Toc283383070" The Threat of Entry of New Competitors/ Barriers to Entry PAGEREF _Toc283383070 \h 11
HYPERLINK \l "_Toc283383071" The Threat of Substitutes PAGEREF _Toc283383071 \h 12
HYPERLINK \l "_Toc283383072" The Intensity of Rivalry PAGEREF _Toc283383072 \h 12
HYPERLINK \l "_Toc283383073" Buyers’ Power PAGEREF _Toc283383073 \h 14
HYPERLINK \l "_Toc283383074" Suppliers’ Power PAGEREF _Toc283383074 \h 14
HYPERLINK \l "_Toc283383075" Five Porter Forces Critique PAGEREF _Toc283383075 \h 14
HYPERLINK \l "_Toc283383076" Analysis PAGEREF _Toc283383076 \h 14
HYPERLINK \l "_Toc283383077" Strengths of the Model PAGEREF _Toc283383077 \h 17
HYPERLINK \l "_Toc283383078" Weaknesses of the Model PAGEREF _Toc283383078 \h 18
HYPERLINK \l "_Toc283383079" Conclusion PAGEREF _Toc283383079 \h 20
HYPERLINK \l "_Toc283383080" List of Reference PAGEREF _Toc283383080 \h 22
The New Strategic Management
Decision making is a very important process in every firm; with the most effective and efficient decisions made in a firm then the growth and sustainability of the business are guaranteed. Strategic management models have helped managers to make those decisions and solve dilemmas and problems in the firm. This paper tackles the issues of strategic management in a firm through the use of models. It specifically tackles the Porters Five Forces developed by Michael E. Porter in 1979. They include threat of entry of new competitors, the intensity of competitive rivalry, the threats of substitutes, the buyers bargaining power, and the supplier bargaining power (Porter, 1980a). Other models such as SWOT and PEST used to assist managers in making decision are also identified.
The critique of the Five Porters Forces is discussed with the weaknesses and strengths being discussed in length and the assumptions that underlie the development and implementation of the model. The managers are advised to apply a combination of models since there is no perfect model developed. This allows the managers have the required information required in making decisions.
Strategic management involves the managers of a firm or business making the right decisions at the right time so that the business may have a competitive advantage over its rivals. The manager must be able to analyze very many factors in order...
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