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Strategic management in an organization

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  1. Introduction
  2. Usage of models in strategic management
  3. The challenges facing senior executives
    1. Formulating the strategy
    2. Implementation of the strategy
    3. Evaluation of the strategy
  4. Influence of models on decision making
  5. Analysis of Porter's five competitive forces
    1. The weaknesses
    2. The idea of the sixth force by Porter
  6. The four models of industry evolution
  7. Conclusion
  8. Appendix
    1. The four model of the industry evolution - Summary
  9. References

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

[...] In fact, the most important resource of an organization is its employees (David p.149) and in consequences, it is necessary not to neglect them. They must also determine annual objectives for each employee which must be SMART (Specific, Measurable, Achievable, Relevant and Time constrained) and it demands time. They must have the ability to prepare a budget. So, their capacities to manage people, time, and money must be very real and it is more difficult under pressure. Evaluation of the strategy Finally, the last step of the process is the evaluation of the strategy. [...]

[...] (1996) Strategic Management an analytical introduction. 3rd ed. Oxford : Blackwell Publishers Inc. Lynch, R. (2003) Corporate Strategy. 3rd ed. Harlow : Pearson Education Limited Lynch, R (2006) Corporate Strategy. 4th ed. Harlow : Pearson Education Limited McGahan, A. M (2000) Industries evolve', Business Strategy Review. Autumn pp.1, 16p [online]. Available from : Business Source Premier [Accessed 26 October 2007]. Miller, A. & Dess, G.G (1993) ?Assessing Porter's (1980) model in terms of generalizability, accuracy, and simplicity', Journal of Management Studies. [...]

[...] It can be a real problem because the innovation can revolutionize the organization of an industry and in consequence disrupts the nature of the competition. And since many years, the trend is rather an acceleration of the innovation than a deceleration. For example, a company which seems very strong in a sector during a period can be weakened by the apparition of a new innovation and so the strength of this company will be reduced and faded and in consequences, change radically the forces of the model (Hill & Jones p.71). [...]

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