For instance, we faced a requirement for a 10 page essay with the following topic:
‘Analysing the characteristics of an industry is crucial to strategic management!’ Critically discuss this statement, using relevant theories of strategic management and examples
Strategic management is one of the most important functions in managing business and it is performed by the top level management. The field deals with setting the mission, vision and objectives of a business organisation and thereby framing goals, policies, strategies and practices to achieve it efficiently and effectively (Jeffs, 2008). This necessitates the business organisation to understand the present market conditions as well as forecast future needs and be prepared to deal with the dynamic business environment so as to survive in the highly competitive world of business. Hence, being well informed about the business environment is critical to the formulation of business policies and strategies rationally and logically. However, it is not an easy task to do as business environment encompasses prevailing situations both internal and external to the business organisation.
As external environment plays a vital role in shaping the business performance and stability, strategic management, the organisation must be well aware of the situations prevailing outside the organisation. It is a well accepted notion that apart from understanding the support and challenges posed by the country of operations, strategic management should be an outcome tracing the trends of the industry in which the organisation is operating (Cole, 2003).
This paper critically discusses the statement “Analysing the characteristics of an industry is crucial to strategic management!” in the light of various theoretical underpinnings in strategic management. The paper would not only gather evidence for the statement but also challenge its rationality in plausible ways. Based on the critical analysis of the statement, finally a conclusion would be derived to confirm or to waive out the rationality of the statement. This would benefit the readers in gaining an overview of whether it is critical to understand the industry characteristics in order to frame better strategies.
Cole, G. A. (2003). Strategic Management (Second edition ed.). Singapore: Cengage Learning EMEA.
Jeffs, C. (2008). Strategic Management. California: Sage