MGT302 Strategic Management Assessment 2 – 30% Alternative Approaches to Strategic management Due Date: Friday week 10 A report – 2500 words – a min of 10 suitable references – follow Harvard...

ALTERNATIVE APPROACHES TO STRATEGIC MANAGEMENT
Executive Summary
Strategic management is the designing and implementation of strategies to gain an edge over the competitors. It is a continuous process and includes setting goals, planning and evaluation of the results. The strategies adopted by an organization are exclusive and varies across all industries. Strategic management is helpful in understanding the associated problems and taking corrective measures. Here, we will be discussing three alternative approaches to strategic management and their implementation process.
Table of Contents
Executive summary    2
Introduction    4
Alternatives approaches to strategic management    4
Sustainable approach    4
Benefits    5
Implementation issue and limitations    6
Success of the approach in an organization    6
Stakeholder approach    6
Benefits    7
Implementation issue and limitations    7
Success of the approach in an organization    8
Dynamic capabilities    8
Benefits    9
Implementation issue and limitations    9
Success of the approach in an organization    9
Conclusion    10
References    11
Introduction
The world is changing rapidly; andbusinesses are evolving, so the old methods are becoming redundant. To combat these new challenges, the business must adopt evolved approaches. Strategic management is an essential part of every business as it helps it deal with the issues effectively. These issues arise because of poor strategic planning. The motivation to develop a strategy in an organization is generally connected with the achievement of explicit targets. From that point, a situational investigation must be conductedthat will help in identifyingand examiningthe key factors. The objectives are trailed by the improvement of techniques for achieving the objectives, which are acknowledged when the actual plan is developed. The current strategic approaches need to include sustainability as a key factor. As, more companies are focusing on sustainable methods for their production. Another important approach is that of including stakeholders, who are the most important people in the organization.They, are the important contributors to the success of the company.Dynamic abilities additionally require a prevailing consideration in the field of technique improvement, which is ignored largely. In this report, we will extensively discuss about various ways to strategic management, their benefits and implementation issues. The companies adopting these approaches will also be discussed in this report.
Alternatives approaches to strategic management
Strategic Management facilitates creating and sustaining a strategy to the firm’s advantage. The way a company formulates the strategic plans implies about their functioning. Several alternative approaches are followed widely by organizations to augment their performance and capabilities. We will be discussing about sustainable approach, stakeholder approach and dynamic capabilities broadly in this report. Apart from these strategies, there are several other approaches, such as, sequential approach formulating effective steps at each stage to achieve the desired results. Another approach is an incremental and interactive approach that develops a strategy gradually according to the changing environment.
Sustainable approach
During the 19th century, some major events gave significant cooperation to the development of the concept of environmental management as an expert field. An event held at the academy of management gatherings in Miami in which the importance of developing an environmental approach was discussed. Then the recognized strategic management society in its yearly meeting held in Toronto emphasized on the topic of 'corporate greening’, and its importance in the business environment (Sullivan et al., 2018). Businesses perform activities to generate economic benefits and this has led to improving the lives of the people. However, these activities have somewhere prompted negative effects including ecological damage and social imbalance. As the world is witnessing major transformations, the customary business policies are not able to convey adequately the progressions that are required to adopt the changes. The conventional strategic policies date back to the 20th century when organizations have overlooked the environment and society where they have worked. They were more inclined towards financial development rather than societal impact. In the 21st century – a time wherein human exercises are, the essential contributors to the environment and frequent climate change (Waters et al., 2016) – it is apparent that organizations cannot overlook their environmental footprint. Therefore, they should adjust their perspective on the processes, which will include the social-environmental modern framework. A vital move by organizations is required, one that recognizes the upper hands related with ecologically and socially capable strategic policies through the study of mechanical nature, its emphasis on economical modern frameworks and its interconnection with current business methodology. The sustainable practices must involve corporate social responsibility, environmental practices, limiting climate changes and social initiatives.
Benefits
When an organization adopts sustainable practices, it is contributing to the society where it operates. This has major advantages for the organisation. As the organisation adopts planned way of using resources, it can attain competitive edge over others aligned with sustainability goals (Sullivan et al., 2018). The favourable circumstance of a sustainable way can be an expansion in the efficiency and viability by improving the administration framework of the organization. This helps in improves the capabilities of...