Contemporary Strategy Analysis Grant PDF 34: A Classic Textbook with Real-World Examples and Case St

The objective of this work is to review the literature of the main concepts that lead to determining the strategic approach, creation of strategies, organizational structures, strategy formulation, and strategic evaluation as a guide for the organizational management, taking into account the effects produced by the different types of strategies on the performance of organizations. In this article, the systemic literature review method was used to synthesize the result of multiple investigations and scientific literature. The process of reading and analysis of the literature was carried out through digital search engines with keywords in areas related to the strategic management. This research reveals the lack of scientific literature containing important theoretical concepts that serve the strategists as a guide in the creation, formulation, and evaluation of strategies. This review contributes to the existing literature by examining the impact of the strategic management on the organizational performance.

contemporary strategy analysis grant pdf 34

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According to Peppard and Ward [57], any organizational strategy must define where the company wants to be in the future and evaluate objectively where it is now to decide how to get there; taking into account the options, alternatives, available resources, and the needed changes. A company achieves a superior profitability in its industry when achieving higher prices or lower costs than its competitors; this is achieved through the operative effectiveness or the strategic positioning [58]. For Rumelt [59], a good strategy is a coherent set of analysis, concepts, policies, arguments, and actions that give responses to a high-risk challenge. The strategies based on the costs have been considered among the generic forms of strategic positioning [60, 61].

In general, to create strategies, authors such as Král and Králová [69] suggest that all starts from the analysis of the environment surrounding the company, pretending with it the proposition of action plans, aimed at improving competitiveness. According to Nikulin and Becker [70], in order to analyze the situation in which a company is found, the most commonly used is the SWOT analysis, which allows to determine strengths and opportunities of the company as well as the weaknesses and threats that the market offers in the scope of its business. According to Hill et al. [71], in order for a strategy to be successful, it must be designed in the following way: (1) simple, coherent, and long-term goals; (2) deep knowledge of the competitive environment; (3) objective evaluation of the resources; and (4) effective implantation.

Within the two functions is the configuration of a reference framework for the planning, the control of the production and fixation of guidelines to evaluate the contribution of the operation management to the general objectives of the company. The operation strategy starts from an analysis of the environment, the market and the competitors, as well as a study of the available internal resources, to fix objectives and plans of route. The corporative values serve as guide when planning the operation strategy. The final objective of the operation strategy is to find competitive advantages that clearly difference the company from its competitors [116]. It is that the value added to the product or service offered justifies a higher price in the final product that the customer is not only willing to pay, but satisfied to do it. This advantage must be sustainable overtime and difficult to imitate, among other qualities. The main responsibility of this strategy is delegated to the director of the operations area, subject to revision and approval for administrators of higher rank (general director or directive board). According to Wheelwright [117], it is necessary to design and implement operation strategies coherent with the business mission, always supporting the corporative objectives [118]. This strategy must provide the objectives of production to achieve competitive advantages, focusing in a uniform decision making model within the category of the key resources of production [119]. Moreover, to announce the way in which the business units develops or deploys the production resources [120].

Platts and Gregory [121] emphasize in the realization of manufacturing strategies, following three aspects of the process that include: design, development, and implementation of the production strategy. Platts [122] suggests an approach based on the audit to develop the production strategy. This author describes three stages for the formulation of this strategy: creation of the process, tests, and adjustments [123]. Table 6 classifies the fifty-two studies categorized in Table 1 (strategic creation and organizational structures), taking into account the phase of the strategic analysis to which the research belongs to.

In order to generate strategies, a previous analysis of the organizations that evaluate the definition of goals, the analysis of the situation and the planning must be carried out. Any company, regardless of the size, kind of industry, business segment, or country where its activities are developed, must have a process that allows the disposition of a methodology to formulate strategies. According to Sadler [125], this methodology initiates with the formulation of the strategic planning (FSP), defined as the way to diagnose and analyze the current competitive position and strategic problems that are affecting the company. FSP must be the guide to visualize what is wanted to be achieved and how the companies will achieve it. A correct FSP must start by identifying the current competitive position and market of the company, which allows guiding in a better way the destiny of the company. According to Masoud [126], through the FSP, it is possible to identify the areas that require improvements in its strategies and, at the same time, align them with the functional competences and compare them with the initial strategy, if it exists.

(3) Boston Consulting Group (BCG) Matrix. Henderson [155] aims at helping the companies to position their products or business units in the market, this tool consists on making a strategic analysis of the portfolio of the company based on two factors: growth rate and market share [156]. The matrix is composed essentially of four quadrants, which in turn possess different strategies to develop. Each of the quadrants is symbolized by a caricature. Chang et al. [157] used BCG to analyze the market position and future strategy to improve the potential opportunities of self-connectivity in Asian airports.

According to Uhl and Gollenia [168], the strategic evaluation consists of measuring the impact that has had the strategic planning, opening the possibility of taking the necessary corrective actions. This process serves the organizations for knowing and analyzing if the proposed actions are really directing the company in the right direction. The processes of strategic evaluation are made through the analysis of quantitative and qualitative data [169]. The quantitative approach allows understanding the results in light of the investment and the growth forecasts; the numerical part of the results is measured starting from the key performance indicators (KPI). The qualitative approach allows to understand causes and consequences and interpretation of situations beyond numbers; this type of analysis will serve to know the effectiveness of the strategy and the departments of the organization that need corrective actions.

For the strategic evaluation, according to Cokins [170], all those factors coming from the environment, being threats or opportunities, that directly affect the operation of the strategy and that require an effective response must be considered. To identify these factors, it must be analyzed that the objectives set are the right ones that the observable results are consistent with the initial states, and the analysis of the plans and politics implemented are the right ones [171]. 2ff7e9595c