Strategic management in an organization
Summary :
Table of Contents
- Introduction
- Usage of models in strategic management
- The challenges facing senior executives
- Formulating the strategy
- Implementation of the strategy
- Evaluation of the strategy
- Influence of models on decision making
- Analysis of Porter's five competitive forces
- The weaknesses
- The idea of the sixth force by Porter
- The four models of industry evolution
- Conclusion
- Appendix
- The four model of the industry evolution - Summary
- References
Abstract
According to Johnson, Scholes and Whittington, 'strategic management includes the understanding the strategic position of an organization, strategic choices for the future and turning strategy into action' (Johnson, Scholes & Whittington, 2005, p.16).There are many models and senior executives have a lot of choices. However, it depends on their objectives and their expectations. On the one hand, to analyze the internal environment, companies can look for resource audits, the McKinsey 7S framework, portfolio analysis, the off grip, and strengths and weaknesses of a company can be found by this internal analysis. On the other hand, to evaluate the external environment of a company, several models can be also used such as Porter's five forces which will be explained in the second part of this paper, PESTEL model, the product life cycle...Each external model has its specificities and characteristics which allow to find opportunities and threats of the environment
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