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STRATEGIC MANAGEMENT
ASSESSMENT TYPE: RESEARCH PROJECT
INDIVIDUAL ASSESSMENT
Executive Summary
The article details how the strategic management businesses strategies are essential for organisation and their growth. The approaches that were talked about in the article were Sustainable Approach, Stakeholders Approach and Agency Theory. The key factor in a business strategy is how it is used and how the company uses the approach to make their organisations stand out.
Table of Contents
Executive Summary    2
Introduction    4
Three Approaches    4
Sustainable Approach    4
History    4
Suggested Benefits    4
Limitations    5
Example of Organisation Implementing this Approach    5
Stakeholder Approach    5
History    5
Suggested Benefits    6
Limitations    6
Example of Organisation Implementing this Approach    6
Agency Theory    7
History    7
Suggested Benefits    7
Limitations    7
Example of Organisation Implementing this Approach    8
Conclusion    8
References    9
Introduction
Strategic management is the function that goes into assisting an organisation accomplishes goals. This includes functions such as planning, monitoring, analysis and assessment. The constant need to assess strategies, and evaluate the strategies constantly, helps to make sure that the functions benefit the organisations in both financial and non-financial ways. The first benefit is that the company constantly stays up to date with its flaws and its functions in order to ensure that organisation is progressing and growing. It helps to understand how the company has been growing and what, if any factors are holding the company back. The second benefit as it helps to understand how to plan for the future financial year (Trigeorgis and Reuer, 2017). The third benefit is that it helps to structure the company tasks and tasks individual employees have to accomplish. This gives employees a proper plan and direction, in which they have to go in order to complete the tasks and contribute to the growth of the organisation. These plans increase the efficiency, market share and profits of the company.
The five phases in strategic management are—
· The assessment of the organisation’s current direction
· Analysing the strengths and weaknesses of the company
· Formulation of an action plan
· Execution of the plan
· Evaluation of the plan while it is ongoing and trying to understand the flaws of the plan
Three Approaches
Sustainable Approach
History
Sustainable Approach is based on the sustainable development model. The sustainable development model is based on the idea that humans must meet their needs without causing depletion on natural resources so that future generations may continue to have their needs met. The first time sustainability was defined was in the Brundtland Report in 1987 (Evans et al., 2017). It was understood that this approach was necessary in order for future generations to have some means to sustain itself.
This approach was brought on by the industrial revolution. Towards the end of the 19th century, industries and organisations noticed their activities had environmental impacts. This was further understood through the various economic and social crises. The various crises that had this impact and helped to further this revelation are the American Banking Crisis, financial crisis of 1930, the debt shock of developing countries, Torrey Canyon oil spill, Chernobyl nuclear disaster etc. They also understood what global warming was as they saw signs of the ozone layer depleting, the increase in air pollution and extinction of fauna and the loss of biodiversity (Jones, Harrison and Felps, 2018). The depletion of natural resources and the harm that is being caused has been documented from 1988 until date to understand the impact of the industries.
Suggested Benefits
The benefits of the sustainable approach are—
Improved Brand Image and Competitive Advantages
In many studies done, it was seen that many consumers wanted to know if the organisation has sustainable practices. Consumers today are very conscious of the impact and what activities they engage in. It also increases Brand Awareness as the brand is now associated among the public with the sustainability tag.
Increased Productivity and Reduce Costs
Processes are sustainable in nature tend to be efficient, streamline effort, conserve resources and enhance employee productivity. They also help to reduce costs as lesser appliances are used.
Stakeholders are attracted
Investors and Employees tend to be associated with organisations who are engaged in positive messages (Raimo et al., 2020). Especially generations that was grown up with the depletion of natural resources being a major problem for their future.
Reduction of Waste
Sustainable approach helps to decrease the waste that accumulates in the forests and other areas. This reduced the spread of diseases and pollution. This is more beneficial for the environment and reduces the pollution caused in the areas surrounding the factories.
Tax Reductions
Many governments are now providing tax reductions for companies who are using the sustainable approach. This allows the company to save costs.
Limitations
The limitations of the sustainable approach are the following:
Change in Infrastructure
In organisations, who are going to be adapting sustainable practices will have to change the infrastructure the company has in place. As argued by Freudenreich, Ludeke-Freund and Schaltegger (2020), this might be costly to set up and incorporate. It also might be difficult for employees who have to change and reshape the way they work.
Difficult to Set Up in Developing Countries
The infrastructure might be difficult to imply in developing...