Essay About Critical Review Of Strategic Management Model And Setting Objectives

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A Critical Review of Strategic Management Model
AbstractIn recent times world economy has witnessed a lot of dynamism and challenges. The success in corporate sector will depend on management’s recognition of the following functions: analyzing the environmental changes, selecting the strategists, helping them to think creatively, setting objectives, establishing strategies to achieve objectives, assign responsibilities and implementing the strategies, measuring success and evaluating results. Strategic management has been the subject of a substantial literature since the 1950s but has principally focused on the large corporation. By contrast the literature relating to strategic management within the small firms sector has remained limited. Much of the existing literature has dealt with business planning rather than strategic management. This paper outlines a proposed framework for understanding the strategic management of small entrepreneurial firms and draws upon the literature to illustrate aspects of the proposed model. Future directions for research using the framework are discussed.Table of Contents1. Introduction        61.1 Strategic Management Model        61.2 COMPETITIVE ADVANTAGE        61.3 Competitive Strategy        61.4 Sustainable Competitive Advantage        61.4.1 Creating Sustainable Competitive Advantage        61.5 Building Competitive Advantage        71.6 Five Major Competitive Strategies        71.7 Low-Cost Strategy        81.7.1 When to opt for Low-Cost Provider Strategy        81.7.2 How to Gain Competitive Advantage via Low-Cost Provider Strategy        81.7.3 Competitive Advantages        91.7.4 Cost Drivers        91.7.5 Pitfalls to Avoid in Pursuing Low-Cost Provider Strategy        101.7.6 Keys to Being a Successful Low-Cost Provider        101.8 Broad Differentiation Strategies        101.8.1 When a Differentiation Strategy works Best        111.8.2 Value Drivers        111.8.3 Cost-Efficient Management of Value Chain Activities        111.8.4 Managing the Value Chain Create the Differentiating Attributes        121.8.5 Pitfalls to Avoid in Pursuing a Differentiation Strategy        12

1.8.6 Delivering Superior Value via Broad Differentiation Strategy        121.9 Focused Low-Cost and Focused Differentiation Strategies        121.10 Best Cost Provider Strategies        131.10.1 Best-Cost Provider Strategy works Best        132. STRATEGIC MANAGEMENT PROCESS        142.1 Strategic Management        142.2 Strategy is About Competing Differently from Rivals        142.3 Strategic Management Process        142.4 Action Patterns for Strategies        152.5 A Company’s Strategy is Partly Proactive and Partly Reactive        162.6 Relationship between A Firm’s Strategy and Business Model        162.7 What Makes A Strategy Winner        173. VISION, MISSION AND OBJECTIVES        183.1 Why Vision Statement is Important        183.1.1 Dos and Don’ts of a Vision Statement        193.2 Developing a Company Mission Statement        193.3 Core Values        193.4 Objectives        193.4.1 Purposes of Setting Objectives        193.5 Classification of Objectives        193.5.1 Financial Objectives        193.5.2 Strategic Objectives        193.5.3 Short-Term Objectives        203.5.4 Long-Term Objectives        203.6 The Need for a Balanced Approach to Objective Setting        204. EXTERNAL ANALYSIS        204.1 PESTEL Analysis        204.2 Five Forces Model        214.2.1 Competitive Pressures Increase Rivalry among Competitive Sellers        224.2.2 Common “Weapons” for Competing with Rivals        234.3 The Threat of New Entrants        234.3.1 Market Entry Barriers for New Entrants        244.4 Competitive Pressures Stemming from Supplier Bargaining Power        24

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(2016, 11). A Critical Review of Strategic Management Model. EssaysForStudent.com. Retrieved 11, 2016, from
“A Critical Review of Strategic Management Model” EssaysForStudent.com. 11 2016. 2016. 11 2016 < "A Critical Review of Strategic Management Model." EssaysForStudent.com. EssaysForStudent.com, 11 2016. Web. 11 2016. < "A Critical Review of Strategic Management Model." EssaysForStudent.com. 11, 2016. Accessed 11, 2016. Essay Preview 2 rating(s) By: rashedul.haque Submitted: November 30, 2016 Essay Length: 9,889 Words / 40 Pages Paper type: Term Paper Views: 706 Report this essay Tweet Related Essays The Tempest, Critical Review Prospero's Plottings After years of writing plays of history, tragedy, grand comedy and dramatic romance, William Shakespeare emerged from his darker writing of the past 794 Words  |  4 Pages A Critical Review of the Emergence, Development, Business Models and Performance of the Application Service Provider (asp) Sector The internet proved itself in its ability to create new business and give birth to companies that succeeded into the millions. These new businesses managed 2,984 Words  |  12 Pages A Critical Review of the Emergence, Development, Business Models and Performance of the Application Service Provider (asp) Sector The internet proved itself in its ability to create new business and give birth to companies that succeeded into the millions. These new businesses managed 3,040 Words  |  13 Pages A Critical Evaluation of the Impact of Change Factors and Strategic Management Initiatives on Banking Industry “A critical evaluation of the impact of change factors and strategic management initiatives on Banking Industry.” Today banking plays a vital role in our society 3,771 Words  |  16 Pages Similar Topics Strategic Management Tool Public Management Strategic Management Policy Case Study Get Access to 89,000+ Essays and Term Papers Join 209,000+ Other Students High Quality Essays and Documents Sign up © 2008–2020 EssaysForStudent.comFree Essays, Book Reports, Term Papers and Research Papers Essays Sign up Sign in Contact us Site Map Privacy Policy Terms of Service Facebook Twitter