strategic management

Introduction

Strategic management is a critical aspect of organizational success, encompassing the formulation and implementation of major goals and initiatives. It involves aligning an organization's resources and capabilities with its external environment to achieve long-term objectives. This synthesis explores various perspectives on strategic management, drawing insights from multiple research papers.

Key Insights

Definition and Evolution of Strategic Management:
- Strategic management has evolved from business policy and now includes a strong theoretical base with substantial empirical research .
- The concept has been inconsistently defined and applied across different fields, including healthcare, leading to varied interpretations and implementations.
Strategic Management in Public and Nonprofit Sectors:
- Strategic management is increasingly prominent in public administration, aiming to match internal capacities with organizational environments to improve performance.
- Strategic planning in public and nonprofit organizations is a disciplined approach that enhances strategic thinking, acting, and learning, though it is not a substitute for these activities.
Strategic Management in Small Businesses:
- In small retail businesses, strategic management is recognized as integral, with managers adopting either proactive or reactive approaches to decision-making.
Theoretical Contributions and Frameworks:
- The resource-based view, industrial organization economics, and transaction cost economics are significant theoretical contributions to strategic management.
- Strategic management also involves distributed practical wisdom (phronesis), where strategy emerges from collective wisdom and interaction among organizational members.
Challenges and Future Directions:
- The field of strategic management faces challenges such as theoretical enrichment, empirical variety, and explaining causal complexity.
- There is a call for a return to personalism in strategic management research, focusing on human-scale problems like goal-setting and decision-making.

Conclusion

Strategic management is a multifaceted field that has evolved significantly over time. It is applied across various sectors, including public administration, healthcare, and small businesses, each with unique challenges and interpretations. Theoretical frameworks such as the resource-based view and industrial organization economics have shaped the field, while future research calls for a more personalist approach to address human-scale issues. Overall, strategic management remains a vital tool for aligning organizational resources with external environments to achieve long-term success.

Strategic management

Summary

Introduction

Key Insights

Conclusion

Sources and full results

Strategic Management and Public Service Performance: The Way Ahead

Strategic management positively impacts public service performance, but more research is needed to enrich the evidence base and better understand causal complexity.

What is strategic management?

Strategic management is often loosely applied in healthcare organizations due to inconsistencies in definitions and key concepts, highlighting the need for caution in adopting systems without evidence-based efficacy and relevance.

The Historical Development of the Strategic Management Concept

Strategic management has evolved from the concept of strategy, with commonalities in past definitions and various approaches to operationalizing it.

Strategic management

Strategic management focuses on resource allocation, team spirit, and maximizing profit through proper resource utilization and a well-defined strategy.

Theory and research in strategic management: Swings of a pendulum

Strategic management has evolved from an applied area to a strongly theory-based and eclectic field, with contributions from industrial organization economics, organizational economics, and resource-based views of the firm.

Strategic Management in Small Retail Businesses

Guatemalan small retail businesses recognize strategic management as an integral business activity, regardless of their proactive or reactive decision-making methods.

Strategic management as distributed practical wisdom (phronesis)

Effective strategic management requires distributed wisdom, promoting common good and fostering a shared understanding of the future among organizational members.

Strategic Management's Potential Contributions to a Theory of Entrepreneurship

Strategic management can contribute to entrepreneurship theory by focusing on the entrepreneurial work of organizations, addressing issues of new business creation, innovation, opportunity seeking, risk assumption, and top management teams.

Strategic management and the person

A return to personalism in strategic management research can improve theorizing, empirical research, and reconnect strategy with moral responsibility.

Strategic Planning for Public and Nonprofit Organizations

Strategic planning is a leadership tool that enhances strategic thinking, acting, and learning in organizations, but its effectiveness depends on the organization's unique circumstances and goals.

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