Strategic Management Assignment Example | Topics and Well Written Essays - 3000 words

Strategic Management - Assignment Example some(prenominal) research scholars still argue oer creating cogent definition of strategic management. Various research scholars exchangeable Michael Porter, Philip Kotler, John Kotter, VA Zeithaml and many others successfully tried to create a supposititious framework of the construct alone still their frameworks failed to create a universal theory of strategic management probably due to multidimensionality of the concept. Organizations subprogram strategic initiatives in accordance with culture, leadership style, frequency of crisis and business objectives. Gray (1) has bifurcated strategic mean from strategic management and described two aspects in the following manner. ... Meyer (3) illustrated strategic management as abut that helps top level management of the company to understand business objectives, future threat and opportunities identifying suitable dodge to deal with these issues and taking control over external variables cre ating direction to accomplish strategic objective of the organization. Nutt and Backoff (4) deliver modified the concept of Meyer. According to them strategic management actually combines short and long term preparation of the organization in order to get through organizational objectives like increasing profitability, increasing control over existing product portfolio, achieving high growth rate, expanding many business in foreign market, creating market accession barrier for competitors by increasing competency level (Tyndall, Cameron and Taggart, 1990, p. 9). Strategic management is a multidimensional concept and the study cannot cover all the aspects of strategic management. The study will focus on a busy concept of strategic management in order to create a cogent representation of date topic. This report will analyze Michael Porters generic competitive strategies from the view point of theoretical concept and real life application in order to understand functionality of th e concept. 3.0 Michael Porters generic wine Competitive Strategies In 1980, Michael Porter developed the basic strategic model for companies in order to achieve competitive advantage over competitors. He modified the concept into more confined model in 1985. Main agenda of the model is to help organizations to create a sustainable and not easy to likeness strategy with which they can not only achieve competitive advantage over adversaries but also can build a sustainable