The paper "The Strategic Success of Contemporary Organisations" is a great example of a literature review on management. Modern organizations are utilizing the various concepts and perspectives of strategic management to expand their market share and profitability. Strategic management success is the continual stream of effective decisions that match the objectives and external environment of an organization (Porter, 2008). Every organization has corporate, business and functional goals intertwined with culture and values to deliver performance. The strategic success of any organization depends on its ability to evaluate strategies, analyze the industry, and resources and capabilities, as well as their organizational structure (Barney, 2007).
To compete globally, an organization needs to have an organizational purpose, mission, vision, and values. Organizational structure and strategic control allow for specialization, coordination, and cooperation. Organizational structures can be bureaucratic, functional, and matrix structures and affects the strategic choice and competitive advantage (Daniels & Krug, 2008). Firms intending to enter international markets reconcile specialization cooperation and coordination and by understanding organizational design and hierarchy. Palmer and Hardy (2000) suggest that formulations of strategies are triggered by profit-maximizing motives and deliberate quest to utilize a rational planning process.
In this essay, some companies including Renault are focused on areas of strategic management such as corporate governance, resources and capabilities, competitive advantage, strategies, and strategic control. The aim of this essay is to comment on strategic management areas considered critical to the strategic success of modern organizations. Organizational strategies and corporate governance Grant et al. (2013) observe that contemporary organizations are facing major challenges of responding to technological changes and increasing competition. Many firms are now formulating strategies to take advantage of the weaknesses of their competitors and increase resource capabilities in meeting customer needs and expectations.
According to Burgelman (1983), a strategy is a theory of reasons regarding past and current organizational success. Strategies can be emergent or planned in response to the organizational investment of resources and environmental changes.
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