Essays on Essentials of Strategic Management Literature review

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The paper "Essentials of Strategic Management" is a great example of a literature review on management. Porter’ s five forces analysis is an industry’ s framework analysis used in the development of business strategies. Michael Porter developed it in 1979. The analysis makes use of industrial organization concepts to derive the five forces that determine the intensity of competition and market attractiveness. (Porter, 1979). Attractiveness in this context refers to the profitability of the industry. This means that an unattractive industry is the one where the combination of the forces works negatively to bring down the profitability of the industry.

An attractive industrial environment would, therefore, be the one that tends to approach pure competition. In order to contrast the above forces from the more general term macro environment, Porter decided to call the above forces as the microenvironment, which means forces close to the company that affects the business's ability to make a profit and serve its customers. (Porter, 1980) Organizations are always busy competing for customers, for access to new markets, for access to raw materials as well as the right to come up with new products.

Non-profit making organizations compete for grants and donations, government agencies compete for general funding from general fund budgets while the political parties compete for votes. In the everyday existence of profit-making and nonprofit making organizations competition is part and parcel of the organizational activities and it is a fact of life if viewed from the long-term perspective. (Thomson, 1997). Many organizations in this competitive environment, therefore, come up with various ways through which they ensure that they remain competitive in the market such as the use of information technology to fast track each and every activity in the organization as well as the activities of the close and distant competitors.

(Jerry, 2006), The purpose of this report is to establish the implication of Porter’ s Five Forces Model in understating the competitive strategic analysis of an organization. To amicably establish the implications of the above model and foster understanding of the concepts used a randomly Literature review The five forces used by Porter in understanding the competitive strategic analysis of an organization include the buyer's bargaining power, the supplier's bargaining power, the threat of substitutes, and the threat of new entrants.

References

Brandenburger, A. and Nalebuff, B. (1995), "The Right Game: Use Game Theory to Shape Strategy", Harvard Business Review, (Harvard, Harvard University Press)

Coyne, K. and Sujit, B. (1996), "Bringing discipline to strategy", The McKinsey Quarterly

Grant, R. (2005), "Contemporary Strategy Analysis", (Oxford, Blackwell Publishing Ltd.)

Porter, M. (1979) "How competitive forces shape strategy", Harvard Business Review, (Harvard, Harvard University Press)

Porter, M. (1980) "Competitive Strategy", (New York, the Free Press)

Porter, M. (1985) "Competitive Advantage", (New York, the Free Press)

Hunger, J. David, W. and Thomas, L. (2003) "Essentials of Strategic Management", (New Jersey, Pearson Education Inc.)

McGahan, A. (2004) “How Industries Evolve - Principles for Achieving and Sustaining Superior Performance". (Boston, Harvard Business School Press)

Clarke, D, (2006), the path of development of strategic management, (New York, New York Press)

Thomson, R. (1997), Management strategies and practicality, (New York, McGraw Hill)

Jerry, H. (2006), implications of Porte’s five forces on business strategies, (Irwin, McGraw Hill)

George, M. (2002), organizational behavior and strategic positions. (New York, McGraw Hill Publishers)

Cummings, H. (1998), integration of management systems in the porter’s five forces, (New York, Macmillan Press)

Visil, K. (2005), why make use of Porter’s five forces? (New York, New York Press)

Kelky, T. (2006), relationship between a firm’s strategies and performance, (Oxford, Oxford University Press)

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