Literature Review of Strategic Management
Literature Review on Strategic Management with Emphasis on
Porter’s Theories as Applied in Current Decision Making
Abstract
This review provides an overview of a few of the key topics that have defined the strategic management field since the later twentieth century. Strategic planning, strategic planning frameworks and strategy implementation issues are discussed both from a historical and modern perspective. Michael Porter’s frameworks and generic strategy provide an excellent backdrop for formulation of strategy but scholars argue that the current environment of business may require new or altered frameworks. A blended strategy of differentiation plus cost leadership may be possible within the new technology platforms afforded via e-commerce. Mega sized corporations nearing 500 billion in revenue are redefining the rules of strategy and using their massive scope and scale in new and unique ways. Regulation, diversity and shared value are important to consider in developing strategy and can contribute to differentiation if properly managed. Strategy implementation is an area where further research is needed and special attention needs to be focused on the internet and mega corporations as they seem to defy all historical strategy guidance.
Keywords: Strategic management, strategy implementation, Michael Porter
Literature Review on Strategic Management with Emphasis on
Porter’s Theories as Applied in Current Decision Making
Introduction
The single most important intellectual asset in any company outside of its employees is its strategy. Leaders are defined by the strategies they create and execute. Poorly designed strategy can be devastating to firms and many years of hard work can disintegrate when strategic plans are not properly implemented. Developing consistency in strategy is very important to proper implementation of the core elements. Ultimately the strategy must become centrally integrated and
Porter’s Theories as Applied in Current Decision Making
Abstract
This review provides an overview of a few of the key topics that have defined the strategic management field since the later twentieth century. Strategic planning, strategic planning frameworks and strategy implementation issues are discussed both from a historical and modern perspective. Michael Porter’s frameworks and generic strategy provide an excellent backdrop for formulation of strategy but scholars argue that the current environment of business may require new or altered frameworks. A blended strategy of differentiation plus cost leadership may be possible within the new technology platforms afforded via e-commerce. Mega sized corporations nearing 500 billion in revenue are redefining the rules of strategy and using their massive scope and scale in new and unique ways. Regulation, diversity and shared value are important to consider in developing strategy and can contribute to differentiation if properly managed. Strategy implementation is an area where further research is needed and special attention needs to be focused on the internet and mega corporations as they seem to defy all historical strategy guidance.
Keywords: Strategic management, strategy implementation, Michael Porter
Literature Review on Strategic Management with Emphasis on
Porter’s Theories as Applied in Current Decision Making
Introduction
The single most important intellectual asset in any company outside of its employees is its strategy. Leaders are defined by the strategies they create and execute. Poorly designed strategy can be devastating to firms and many years of hard work can disintegrate when strategic plans are not properly implemented. Developing consistency in strategy is very important to proper implementation of the core elements. Ultimately the strategy must become centrally integrated and
References: Akan, O., Allen, R. S., Helms, M. M., & Spralls, S. A. (2006). Critical tactics for implementing Porter 's generic strategies. The Journal of Business Strategy, 27(1), 43-53. Allio, R., & Fahey, L. (2012). Joan Magretta: What executives can learn from revisting Michael Porter. Strategy and Leadership, 40(2), 5-10. Ambec, S., Coheny, M. A., Elgiez, S., & Lanoie, P. (2013). The Porter hypothesis at 20: Can environmental regulation enhance innovation and competitiveness? Review of Environmental Economics and Policy, 7(1). Bryan, L. L., & Zanini, M. (2005). Strategy in an era of global giants. The McKinsey Quarterly, 4. Dobbs, M. E. (2014). Guidelines for applying Porter 's five forces framework: A set of industry analysis templates. Competitiveness Review, 24(1), 32-45. Dye, R. (2006). Improving strategic planning: A McKinsey survey. Atlanta: The McKinsey Quarterly. Eisenhardt, K. M., & Sull, D. N. (2001, January). Startegy as Simple Rules. Harvard Business Review, pp. 107-116. Evans, C., & Wright, A. (2009). How to conduct a SWOT analysis. The British Journal of Administrative Management, (24), 10-34. Hambrick, D. C., & Fredrickson, J. W. (2005). Are you sure you have a strategy. Academy of Management Executive, 19(4), 51-62. Helms, M. M., & Nixon, J. (2010). Exploring SWOT analysis-where are we now? A review of academic research from the last decade. Journal of Strategy and Management, 3(3), 215-251. Hrebiniak, L. G. (2006). Obstacles to effective strategy implementation. Organizational Dynamics, 35(1), 12-31. Jelenc, L. (2009). Review of theories in strategic management field- toward the creation of schools of strategic management. The Business Review, Cambridge, 14(1), 240-247. Kim, E., Nam, D.-i., & Stimpert, J. (2004). The applicability of Porter 's generic strategies in the digital age: Assumptions, conjectures, and suggestions. Journal of Management, 30(5), 569-589. Learned, E., Christiansen, C., Andrews, K., & Guth, W. (1969). Business Policy: Text and Cases. Homewood, Il: Irwin. Li, Y., Guohui, S., & Eppler, M. J. (2008). Making strategy work: A literature review on the factors influencing strategy implementation. Universita della Svizzera italiana: Institute for Corporate Communication. Martin, R. L. (2014, January-February). The big lie of strategic planning. Harvard Business Review, pp. 78-84. Martinet, A.-C. (2010). Strategic planning, strategic management, strategic foresight: The seminal work of H. Igor Ansoff. Technological Forecasting & Social Change, 77, 1486-1487. McKinsey. (2005). McKinsey global survey of business executives. The McKinsey Quarterly. Mulcaster, W. (2009). Three strategic frameworks. Business Strategy Series, 10(1), 68-75. Nag, R., Hambrick, D. C., & Chen, M.-J. (2007). What is strategic management really? Inductive derivation of a consensus definition of the field. Strategic Management Journal, 28, 935-955. Parnell, J. A. (2006). Generic strategies after two decades: a reconceptualization of competitive strategy. Management Decision, 44(8), 1139-1154. Phau, I., & Poon, S. (2000). Factors influencing the types of products and services purchased over the Internet. Internet Research, Electronic Networking Applications and Policy, 10(2), 102-113. Porter, M. (1980). Competitive Strategy:Techniques for Analyzing Industries and Competitors. New York, NY: The Free Press. Porter, M. (1985). Competitive Advantage. New York: Free Press. Porter, M. (1991). America 's green strategy. Scientific American, 264(4), 168. Porter, M. (2001). Strategy and the internet. Harvard Business Review, 79(2), 62-78. Porter, M. (2008). The five competitive forces that shape strategy. Harvard Business Review, 86(1), 78-93. Porter, M., & Kramer, M. (2011, January-February). How to reinvent capitalism-and unleash a wave of innovation and growth. Harvard Business Review, pp. 62-77. Porter, M., & van der Linde, C. (1995a). Toward a new conception of the environment-competitiveness relationship. Journal of Economic Perspective, 9(4), 97-118. Ramaswami, R. (2010). The new global mindset. Driving innovation through diverse perspectives. Ernst & Young. Sherman, H., Rowley, D., & . Armandi, B. (2007). Developing a strategic profile: The pre-planning phase of strategic management. Business Strategy Series, 8(3), 162-171. Watson, J., & Wright, K. (2000). Consumer ethnocentrism and attitudes toward domestic and foreign products. European Journal of Marketing, 34(9/10), 1149-1166.