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Business strategies demand discipline in the execution of long-term Strategic Plans and flexibility to address emergent changes. Discuss. Explain which one of the two features is more critical in your view

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Introduction

Business strategies demand discipline in the execution of long-term Strategic Plans and flexibility to address emergent changes. Discuss. Explain which one of the two features is more critical in your view Within the modern day economic environment, firms find themselves in a complex situation between the planning for future strategic decisions of the organisation in comparison to the acknowledgment of emergent strategy from changes or events within their market place. They are therefore trying to avoid over planning resulting in too rigid of an organisation; in comparison to too flexible where a firm loses its sense of direction. This level of discipline however depends on an organisation's characteristics, including size and structure, as well as the market or markets within which they operate. For example, an organisation that is asset-led will have less emphasis on emergent changes within the external environment in comparison to an organisation that is market-led, however they may place more emphasis on internal change. Initially, when analysing the above statement, we need to look at essentially what a business strategy details. Fundamentally, there are three stages to formulating a strategic process1. First of all a firm needs to analyse their present location, enabling them to identify their current stage as well as recognising the overall purpose of the organisation. ...read more.

Middle

Instead it is a process which is developed through an evolving or adaptive process. He argues that the planning approach of the 1970's has fundamental fallacies which highlights key issues within the planning perspective and a disciplined approach to strategic management. Within these fundamental fallacies he presents an argument contesting the predetermination of a strategy, the way in which it almost assumes the prediction of the unpredictable. The second of these fallacies is the perceived detachment of a business strategy. Mintzberg identified the perception that the formulation and execution of a strategy was performed in a single process, during which "the world has to hold still"5. In this respect, businesses adopting such a planning perspective will develop a strategy with the use of past data and research and fail to recognise current events. The final fundamental fallacy identified by Mintzberg is the over enthusiasm related to formalization. Mintzberg states "No amount of rearranging of the boxes can resolve the problem of the very existence of boxes. Strategy making, like creativity, needs to be functional beyond boxes, to create new perspectives as well as new combinations"6. This I feel concludes the final fallacy. Essentially Mintzberg interprets the formation of strategy as requiring insight and the need for this process to be creative. ...read more.

Conclusion

It can therefore be argued that the right hand management of the organisation can formulate and analyse however during dramatic and emerging stages the left hand side can step in to attempt to incorporate these new developments into the current strategy. In a modern day economic environment it can be argued that a majority of organisations will find themselves between these two perspectives on strategy. In general firms will realise the importance of a long term strategic plan however also compensate that this must constantly be reviewed and incorporate new emergence of data. I do however feel that the idea of a plan simply promotes inflexibility and it is crucial within the modern day economy and cut throat markets that organisations are able to react and diversify away from previous tactics. Essentially a strategy is a key competitive advantage and firms need to ensure that the development and execution is performed in a way which is suited to the organisation and its environment. To conclude, I feel that modern day management should be able to appreciate the emergence of new developments within the market place and be able to adapt while bearing in mind previous strategic perceptions. A Business strategy is something which must be under constant review and therefore automatically highlight the development of new criteria. It is therefore in essence the measure of competitive advantage, how well and organisation incorporates this. ...read more.

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