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Case Study Research. Design and Methods

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“Compare and contrast different perspectives of strategic management, and
how and why is ‘context’ important?”
1. Introduction
The assignment is written to provide argument over the statement mentioned above. To
understand this statement fully it is crucial to understand the meaning of strategic
management. Therefore, this assignment, first of all presented the definition of strategic
management and its elaboration. Later, different perspectives of strategic management
are discussed in the assignment. Final section elaborates on the importance of ‘Context’
for strategic management.
2. Strategic Management
Johnson and Scholes (2005) stated that strategic management is the set of decisions and
actions resulting in formulation and implementation of strategies designed to achieve the
objective of an organization. It involves attention to no less than nine critical areas:
1. Determining the mission of the company, including broad statements about its
purpose, philosophy, and goals.
2. Developing a company profile that reflects internal conditions and capabilities.
3. Assessment of the company’s external environment, in terms of both competitive
and general contextual factors.
4. Analysis of possible options uncovered in the matching of the company profile with
the external environment.
5. Identifying the desired options uncovered when possibilities are considered in light
of the company mission.
6. Strategic choice of a particular set of long-term objectives and grand strategic needed
to achieve the desired options.

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7. Development of annual objectives and short-term objectives and grand strategies
needed to achieve the desired options.
8. Implementing strategic choice decisions based on budgeted resource allocations and
emphasizing the matching of tasks, people, structures, technologies, and reward
systems.
9. Review and evaluation of the success of the strategic process to serve as a basis for
control and as input for future decision making.
As these nine areas indicate, strategic management involves the planning, directing,
organizing, and controlling of the strategy-related decisions and actions of the business.
According to Pearce & Robinson (1988) strategic management also means their large-
scale, future-oriented plans for interacting with the competitive environment to optimize
achievement of organization objectives. Thus, a strategy represents a firm’s “game plan.”
Although it does not precisely detail all future deployments (people, financial, and
material), it does provide a framework for managerial decisions. A strategy reflects a
company’s awareness of how to compete, against whom, when, where, and for what.
3. Importance of Strategic Management
It is important to understand the importance of strategic management. A variety of
reasons may be adduced to justify business policy or strategic planning. One justification
is that it has been found useful in practice. Research studies based on the experience of
companies and executive viewpoints, have indicated that strategic planning contributes
positively to the performance of enterprises. Studies made by Igor Ansoff and his
associates (Ansoff et al, 1971) have revealed that companies which had undertaken
formal strategic planning not only outperformed the non-planners on most measures of
success (return on equity, growth of sales, earning per share, and value of the firm), but
significantly outperformed their own past results as well; besides, the companies that
used strategic planning were able to predict the outcome of planning much better than
others.

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“Compare and contrast different perspectives of strategic management, and how and why is ‘context’ important?” 1. Introduction The assignment is written to provide argument over the statement mentioned above. To understand this statement fully it is crucial to understand the meaning of strategic management. Therefore, this assignment, first of all presented the definition of strategic management and its elaboration. Later, different perspectives of strategic management are discussed in the assignment. Final section elaborates on the importance of ‘Context’ for strategic management. 2. Strategic Management Johnson and Scholes (2005) stated that strategic management is the set of decisions and actions resulting in formulation and implementation of strategies designed to achieve the objective of an organization. It involves attention to no less than nine critical areas: 1. Determining the mission of the company, including broad statements about its purpose, philosophy, and goals. 2. Developing a company profile that reflects internal conditions and capabilities. 3. Assessment of the company’s external environment, in terms of both competitive and general contextual factors. 4. Analysis of possible options uncovered in the matching of the company profile with the external environment. 5. Identifying the desired options uncovered when possibilities are considered in light of the company mission. 6. Strategic choice of a particular set of long-term objectives an ...
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