Concepts/approaches of Strategic Management
Strategic management can depend upon the size of an organization, and the proclivity to change of its business environment. These points are highlighted below:
- A global/transnational organization may employ a more structured strategic management model, due to its size, scope of operations, and need to encompass stakeholder views and requirements.
- An SME (Small and Medium Enterprise) may employ an entrepreneurial approach. This is due to its comparatively smaller size and scope of operations, as well as possessing fewer resources. An SME's CEO (or general top management) may simply outline a mission, and pursue all activities under that mission.
- Whittington (2001) highlighted four approaches to strategic management. These are Classical, Processual, Evolutionary and Systemic approaches.
- Mintzberg stated there are prescriptive (what should be) and descriptive (what is) approaches. Prescriptive schools are "one size fits all" approaches that designate "best practice" while descriptive schools describe how strategy is implemented in specific contexts.
No single strategic managerial method dominates, and remains a subjective and context-dependent process.
Read more about this topic: Strategic Management
Famous quotes containing the words concepts, approaches, strategic and/or management:
“Once one is caught up into the material world not one person in ten thousand finds the time to form literary taste, to examine the validity of philosophic concepts for himself, or to form what, for lack of a better phrase, I might call the wise and tragic sense of life.”
—F. Scott Fitzgerald (1896–1940)
“If I commit suicide, it will not be to destroy myself but to put myself back together again. Suicide will be for me only one means of violently reconquering myself, of brutally invading my being, of anticipating the unpredictable approaches of God. By suicide, I reintroduce my design in nature, I shall for the first time give things the shape of my will.”
—Antonin Artaud (1896–1948)
“Marriage is like a war. There are moments of chivalry and gallantry that attend the victorious advances and strategic retreats, the birth or death of children, the momentary conquest of loneliness, the sacrifice that ennobles him who makes it. But mostly there are the long dull sieges, the waiting, the terror and boredom. Women understand this better than men; they are better able to survive attrition.”
—Helen Hayes (1900–1993)
“People have described me as a “management bishop” but I say to my critics, “Jesus was a management expert too.””
—George Carey (b. 1935)