Please select business ethic or role of strategy for number 6.0 also i have attached the formate pleAse have a lookKhusbu

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Please select business ethic or role of strategy for number 6.0 also i have attached the formate pleAse have a lookKhusbu
Answered Same DayMay 16, 2022

Answer To : Please select business ethic or role of strategy for number 6.0 also i have attached the formate...

Ayushi answered on May 16 2022
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Alternative Approaches to Strategic Management:
Executive summary:
In this report we have discussed the background and the approach which is used in the given alternative approaches which are used for strategic management such as Stakeholders approach, Dynamic capabilities approach, Sustainable practices approach. Other than this we also discussed about sequential approach and the role of business ethics in the business. We cannot rank these approaches as be
st and worst. It depends on business to business and the goals it want to achieve that which strategy would satisfy the needs and best suits the requirements. It is the choice of each and every organization to select any type of approach which best suits its goals. This report provides a complete guidance regarding the history, application, limitations and an organization example of each approach for a better understanding.
Contents
Executive summary:    2
Introduction:    4
Stakeholders approach:    4
Example: The Coca Cola Way    5
Dynamic capabilities approach:    5
Example: Apple    6
Sustainable practices approach:    6
Example: McDonalds    6
Other approaches:    7
Sequential approach:    7
Business ethics:    7
Recommendation:    7
Conclusion:    7
References:    8
Introduction:
In this report we will have look towards the background and the approach which is used in the given alternative approaches which are used for strategic management. These approaches are:
· Stakeholders approach
· Dynamic capabilities approach
· Sustainable practices approach
Strategic management can be described as a system which is used for the purpose of managing the organization through which the day to day operational management of the company is linked to the planning that is done strategically and the process of making decisions. As the environment both internally and externally is very dynamic due to various factors that are present in the environment, it has become like a crucial step for each and every organization to ca
y out its activities with a proper strategic management to avoid any further complexities and in order to evolve as per the changes. The strategic management involves a series of steps which are required to be followed in order to achieve the goals. In these steps most initially that is the first step is analyzing the environment which is present externally and internally and after that at the second stage once the environmental factors are identified than the strategy is developed, then its implementation is done and after that evaluation is done to check whether the strategy has been implemented successfully or not and if there are any shortcomings then those are fixed after evaluation. There are various tools which are used for strategic management. The most basic tools are:
· SWOT analysis
· Pestle analysis
· Value chain analysis
· Porters 5 forces framework
In the stakeholders approach first priority is given to the needs of the shareholders, so the ideas and the strategies are formulated by keeping this in mind for the long term growth and success of the business by the managers and directors. In the dynamic capabilities approach the competencies present in both the environment that is internal and external are integrated and reconfigured in order to address the alterations that are present in the environment. Whereas the sustainable practices approach focus on integrating the economical, social and environmental ideas in order to avoid any disruptions in future and focuses on sustainability. Now it is the choice of each and every organization to select any type of approach which best suits its goals.
Stakeholders approach:
An approach which is most commonly known for strategic management is the stakeholders approach which is used in the business and came to knowledge since 1984 by R. Edward Freeman. In order to understand this approach in a better manner it is important to understand the meaning of the stakeholders. stakeholders can be defined either as an individual or as a group who is affected in a direct or indirect manner by the actions and achievement of goals of an organization and it is also possible that the action of the stakeholders might also have impact on the goals of the company. These stakeholders can be investors, shareholders, creditors, government, employees and many other people externally or internally. A company is usually defined as a group which consists of various stakeholders so it becomes first and foremost duty and priority of the company to take care of the interest and needs of these stakeholders. By using the stakeholders approach an emphasis is laid down on the responsibility that a company has over...
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