These notes talk about what a strategy is and the difficulties that might be faced with trying to implement a strategy into a business. Also talks about the difference between planned and emergent strategy.
Problems with strategy and why strategies fail 13/12/2022
Strategy – medium to long term plan for how you meet your business objectives.
Always involve risk and uncertainty
Difficulties include:
Unforeseen circumstances
Changing external environment
Difficult to predict competitor’s actions or threat of new entrants into the market.
Changing nature of the global market
Lack of knowledge and expertise
Poor leadership
Poor management of resources
Resistance for change by the workforce
Brand dilution
Planned vs emergent strategy
Planned strategy:
Introduced with foresight
The strategy is the one the manager wanted to implement
Provides a clear sense of direction
Easily communicated
However may lack flexibility
Emergent strategy:
Developed over time
Responds to change in the internal and external environment
Greater flexibility
May create a feeling of mistrust amongst stakeholders due to frequent revisions
leading to lack of confidence.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller tomwatson. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £3.49. You're not tied to anything after your purchase.
