Strategy and Strategic management Research Essay

Strategy and Strategic management Research - Essay Example By embracing Best Practice the industry would gain; There is no single accepted definition of 'strategy' (Price and Newson, 2003, p. 184).5 A 1999 study by Price, McCaffer and Thorpe (cited by Price and Newson, 2003, p. 190) established that the construction industry prefers the definition given by Johnson and Scholes in 1999: "Strategy is the direction and scope of an organization over the long term: which achieves competitive advantage for the organization through its configuration of resources within a changing environment, to meet the needs of markets and to fulfil stakeholder expectations." Chinowsky's (2001, p. 60)6 research into existing models of strategic management, combined with interviews with executives, led him to devolve seven key considerations for executives when attempting to formulate strategic management plans: In 1998 they surveyed the ENR Top 400 Contractors in the United States. Most organisations intended to leverage technological tools and capitalise on greater market knowledge. However the research also found that there was no such emphasis on life-long learning and protecting existing market share from competitors. Critique: In answer to the obvious question: 'Where precisely will a project-focused organisation find time to grapple with 'strategy' Chinowsky and Meredith (... The need to identify, find and pursue new markets; and Improved communications between project teams and peripheral departments. In 1998 they surveyed the ENR Top 400 Contractors in the United States. Most organisations intended to leverage technological tools and capitalise on greater market knowledge. However the research also found that there was no such emphasis on life-long learning and protecting existing market share from competitors. Critique: In answer to the obvious question: 'Where precisely will a project-focused organisation find time to grapple with 'strategy' Chinowsky and Meredith (2001, p. 3) reply that without a strategic plan - which clearly identifies the tasks and evaluation measures to be undertaken at departmental level - this will be a very difficult undertaking. Given that multi-billion dollar organisations are having difficulty grappling with strategy management and strategy planning, what hope for the small employer (1-10 employees), or sole-trader who supplies to larger organisations 3. Strategic Management Process Price and Newson (2003, p184) favour the 'positioning' school of strategic theory, as exemplified by Professor Michael Porter, and look at strategy in terms of process, content and context: Strategy process is defined as the ''manner in which strategies come about'' and is concerned with the how, who, and when of strategy. Strategy content is described as "the product of the strategy process and is the what of strategy". Strategy context is concerned with the "where" of strategy and refers to "the organizational and environmental circumstances under which the strategy process and strategy content are determined". Strategic management process can be broken down into analysis, formation and