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Summary Contemporary Strategy Analysis
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Summary of all relevant chapters needed for Strategic Management
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Contemporary Strategy Analysis - Robert M. Grant (2016)
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Summary Contemporary Strategy Analysis – Robert M. GrantChapter 1 – The concept of strategy
Characteristics of a strategy that are conducive
to success:
Goals that are consistent and long
term.
Profound understanding of the
competitive environment.
Objective appraisal of resources.
Effective implementation.
Strategies that build on these four elements
almost always play an influential role and form the key components of our analysis of
business strategy.
Strategy forms a link between the firm and its environment:
This view of strategy as a link between the firm and its industry environment has close
similarities with the widely used SWOT framework.
Strategic fit
Strategic fit refers to the consistency of a firm’s strategy (1) with the firm’s external
environment and, (2) with its internal environment. The concept of strategic fit also relates to
the internal consistency among the different elements of a firm’s strategy. Effective strategies
are ones where functional strategies and individual decisions are aligned with one another to
create a consistent strategic position and direction of development. This notation of internal fit
is central to Porter’s conceptualization of the firm as an activity system.
Porter states that “Strategy is the creation of a unique and differential position involving a
different set of activities”.
The concept of strategic fit is one component of a set of ideas known as contingency theory,
which postulates that there is no single best way of organizing or managing.
Origins and military antecedents
Enterprises need business strategies for much the same reason that armies need military
strategies – to give direction and purpose, to deploy resources in the most effective manner,
and to coordinate the decisions made by different individuals.
There are some distinctions between strategy and tactics:
Strategy is the plan for deploying resources to establish a favorable position, strategy
is concerned with winning the war.
A tactic is a scheme for a specific action, tactics are concerned with maneuvers
necessary to win battles.
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