The paper 'Developing a Flexible Approach towards Strategic Management in Today’ s Fast-Moving Global Business Environment" is a perfect example of business coursework. The discipline of strategic management originated from the scholarly works of the 1950’ s business movements although there had been numerous thinkers prior that, who had contributed essential literature on which the concept was construed (Chandler 1962). The most prominent pioneers in this right included Alfred D. Chandler, Igor An off, Philip Selznick and Peter Ducker. Alfred Chandler especially is reputed to have solely recognized the vital need for a business to coordinate all its aspects of management into a singular all-encompassing management strategy.
According to Chandler (1962), most traditional business structures featured “ separated functions of corporate management with minimal overall coordination if any” . It was, therefore, the first time that a “ singular strategy” was figured important Chandler (1962). Since then, we have had a great and fundamental shift in the world’ s economy such that the need for a singular strategic management approach has become more pressing than it ever was. Businesses have gained a high level of interactions, within their structures and even with other entities outside the business structures.
Nations themselves are moving further to exact and receive influence from other nations around the globe, just as if there were no bounders between them. This phenomenon has been variously referred to as globalization. A market crash in America is enough to send a country in Sub-Saharan Africa into economic ruin. No business or economy can now survive in isolation. In this age, cross-border business, trade engagements and capital investments have become the norm. There are no barriers to the flow of goods, services and capital, especially now that the internet has become a commercial vehicle.
In essence, therefore, the concept of nurturing a singular strategic management approach for a company and its departments has further been amplified to include much more than the departments. Companies now have to formulate strategic management policies that transcend the barriers of regions, nations, languages and demographics. Simply said, companies have to develop global strategic management approaches (Wortzel 1997). Yet the complexity of instituting such a singular strategic management approach in a multinational firm, one that has a thousand branches in a hundred nations of the world, each featuring a complicated and unique environment, is not an easy task.
That means that the strategic management approach must be adequately harnessed to accommodate the diverse environments, demands, changes and challenges in which the multinational operates. Shrewd managers in modern times have learnt how to formulate a singular strategic plan that comprehensively covers all their global exploits, yet that plan has in it the flexibility to adapt to assorted environments. This paper will endeavor to elaborate on how modern business operations, especially those conducted on a global scale, rely on flexible approaches in strategic management.
Without this vital ability to adapt to new changes and accommodate variations in strategic plans, no business can thrive in current international markets. In this conviction, the paper sets out a theoretical conception of contemporary strategic management in global-scale businesses. The need for the flexible approach is then contextualized in this business setting, with a specific bias to current needs in profitable business operations.
Buzzell, R and Gale, B 1987, The PIMS Principles: Linking Strategy to Performance, Free Press,
Chandler, A 1962, Strategy and Structure: Chapters in the history of industrial enterprise,
Doubleday, New York.
Deresky, A 2005, International Management: Managing across Borders and Cultures, Prentice
Hall, New York.
Haley, U (ed) 2005, Strategic Management in the Asia Pacific: Harnessing Regional and
Organizational Change for Competitive Advantage, Butterworth-Heinemann, Oxford,
UK, pp. 193-194.
Lester, R 1989, Made in America, MIT Commission on Industrial Productivity, Boston.
Pascale, R 1990, Managing on the Edge, Simon and Schuster, New York.
Root, L and Visudtibhan, A 1992, International Strategic Management: Challenges and
Opportunities, Taylor & Francis, London.
Rugman, A 2000, International Business: A Strategic Management approach, Prentice Hall,
Wortzel, H 1997, Strategic Management in a Global Economy, Wiley, New York.
Wortzel, H 1991, Global Strategic Management: The Essentials, Wiley, New York.