BUU44500 Strategic Management: Theory and Practice Assignment Example TCD Ireland
Strategic management is the process by which organizations design and execute a plan to achieve the desired future. The theory side of things focuses on understanding the various strategic management concepts and tools that can be used to achieve success. The practice side of things is all about putting those concepts into action by developing plans and implementing them.
To create an effective strategy, it’s important to have a good understanding of your organization’s environment, including its strengths and weaknesses, as well as the opportunities and threats that are present. You’ll also need to know what your goals are and what you’re trying to achieve. From there, you can start crafting a plan that will help you reach your targets.
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In this unit, there are many types of assignments given to students like individual assignments, group-based assignments, reports, case studies, final year projects, skills demonstrations, learner records, and other solutions given by us. We also provide research help like the research proposal, research project and research project presentation, etc.
In this section, we are describing some tasks. These are:
Assignment Task 1: Articulate the role of strategy in the modern organization, use the vocabulary of strategy, and distinguish strategic management from operational management.
Strategy can be defined as the direction and scope of an organization over the long term, which achieves desired outcomes by making optimal use of resources. It is about creating value for the organization by aligning its activities with its environment in a way that exploits opportunities and neutralizes threats.
A good strategy must be dynamic, meaning it must adapt to changes in the environment. It must also be consistent with the organization’s values so that employees can understand them and buy into them. Finally, it must be achievable, meaning that it is realistic and attainable within the constraints of the organization’s resources.
A good strategy will align the different parts of an organization around a common goal, and it will help to guide decision-making as the company moves forward. It’s important to remember that no strategy is ever perfect, and companies need to be prepared to change course as needed to stay ahead of the competition.
Strategic management is the process of formulating, implementing, and monitoring a strategy. It involves creating a plan that will guide the organization’s decisions and activities. Strategic management includes specifying the ends (goals) that the organization wishes to achieve, and determining how best to achieve them.
Operational management, on the other hand, is focused on day-to-day operations. It is responsible for ensuring that tasks are carried out efficiently and effectively to support the achievement of strategic objectives. Operational managers are concerned with things like schedules, budgets, staffing levels, and inventory.
Assignment Task 2: Incorporate learning from other subject areas into the strategy paradigm.
The strategy paradigm is the map businesses use to guide their decision-making regarding future activities. This can involve everything from choosing where to open new stores, to deciding whether or not to take on a particular project, down to how many people will be required for a certain task.
Every organization has its unique strategic approach. However, much of this approach is shaped by the larger context in which it operates. The environment has a big impact on what kinds of decisions a company will have to make, and how they will go about making those decisions.
For example, it’s good for an organization if its customers are loyal, but that creates a new challenge. If you have customers that keep coming back, you have to find ways of getting them to buy more each time. Think about how supermarkets are always trying new strategies for enticing customers with ads offering special deals on groceries.
Another factor that may influence an organization’s strategy is the resources it has at its disposal. Resources can include things like raw materials or specialized equipment, but they also include things like the number of employees in a company. Businesses are always looking to make sure that they have enough resources to support their strategic goals, but not so much that it becomes expensive or cumbersome for them to deal with.
Finally, an organization’s values can influence how it chooses its strategy. It may decide to take on projects that help support a certain cause or promote a particular message.
Assignment Task 3: Engage with and critically evaluate the strengths and limitations of the various theoretical frameworks.
The various theoretical frameworks provide a lens through which practitioners can analyze and understand an organization’s strategic behavior. However, each has its own set of strengths and limitations.
- The resource-based view (RBV) is lauded for its ability to account for the heterogeneity of resources and the dynamic nature of competition. However, it is criticized for its overemphasis on static resources and its failure to consider the effects of organizational context on resource allocation and competitive strategy.
- The behavioral theory of the firm (BTF) is praised for its focus on decision-making and the role of individuals in organizations. However, it is critiqued for its lack of rigor and its failure to specify the mechanism by which individual behaviors lead to organizational outcomes.
- The contingency theory (CT) is heralded for its ability to account for the contextual nature of strategic choice. However, it is criticized for its incompleteness and its need to be combined with other theories to achieve full explanatory power.
- Finally, the market-based view (MBV) is praised for its emphasis on the market as the primary decision-making environment. However, it is critiqued for its failure to capture the complex nature of organizational dynamics and institutional influences on strategic behavior.
Assignment Task 4: Apply strategic management models and frameworks to organizations (SMEs, MNs, and Non-profit) using action learning techniques.
Strategic management models and frameworks can be used by organizations of all sizes, including small and medium-sized enterprises (SMEs), micro, small and medium-sized enterprises (MNs), and non-profit organizations.
Action learning is a problem-solving methodology that encourages employees to take an active role in their development. It involves learning through experience, as well as reflection on that experience. Employees are allowed to apply what they have learned in a real-world setting and then reflect on their findings to identify lessons learned.
Action learning techniques can help make the various strategic management models and frameworks applicable to different kinds of organizations, by ensuring that they are appropriate for each organization’s unique context.
For example, managers at SMEs often need to take on several different roles related to organizational strategy development. Action learning techniques can help them approach these tasks collaboratively while also taking into account contextual factors, such as the information available to them about the market.
However, while action learning techniques can help managers at SMEs and MNs apply strategies that are more suited to their resources and capabilities, these techniques may be less helpful for managers of non-profit organizations. Non-profit organizations often work within a restricted budget and need to prioritize different areas of their work based on what they know about the market and their available resources. In this case, applying a strategy that is more theory-driven may better suit their situation.
Assignment Task 5: Demonstrate the importance of integrating different parts of the course to enrich understanding.
Strategic management is a complex field, and the ability to analyze one part of the process without considering other parts can limit a manager’s understanding.
For example, an organization that does not consider its organizational culture when crafting a long-term strategy may find it difficult to maintain a competitive advantage over time. In this case, managers who focus only on the “industry” part of Porter’s Five Forces model may neglect to take into account the firm’s internal organization and how it can influence external relationships.
On the other hand, an organization that only focuses on its internal culture when developing a strategy may fail to consider environmental changes such as economic conditions, technological advances, and shifting consumer preferences. This organization also may not take into account the influence that other organizations or external factors have on its success.
To avoid these pitfalls, managers should build a complete and accurate understanding of strategy development by integrating different models and frameworks.
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