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Sustainable approach in strategic management

Discuss about the Mixed Methods Research in Strategic Management.

Strategies are the policies or the techniques which the organizations belonging to the genre of business often take the help of for the process of their business (Evans, Stonehouse and Campbell 2012). Traditionally they are referred as the “art of the general” and were used to refer to the tricks or the techniques which were used by the generals to succeed in the battle (Evans, Stonehouse and Campbell 2012). Many experts are of the opinion that the ever increasing competition within the business has turned it in a battle front in which to sustain themselves the organizations need to take the help of various kinds of strategies (Keupp, Palmié and Gassmann 2012). Therefore, in a way it can be said that the strategies have become a vital part of the business world and the organizations need to formulate as well as implement effective strategies to stay ahead in the field of business (Meyer, Neck and Meeks 2017). Researchers have shown that the use of effective strategies is not only beneficial for the organizations for enhancing the profit margins gained by them but at the same time for sustaining themselves in the competitive business market (Meyer, Neck and Meeks 2017). However, it is seen that there are others scholars who are of the opinion that the use of strategies which are as per the needs of the organization is likely to hamper the prospects of the organization (Keupp, Palmié and Gassmann 2012). This report will focus on the various kinds of strategies which the enterprises use in the framework of their business.

The primary focus of this particular strategy used by the various organizations is on the process of attaining sustainability within the framework of the business world through the use of ethical means (Hitt, Ireland and Hoskisson 2012). It is seen that within the context of the business world numerous business enterprises every year however majority of them fail to sustain themselves in the competitive world of business (Hill, Jones and Schilling 2014). Therefore, it becomes of vital importance for the organization to take the help of sustainable approach. The concept of business ethics has gained much significance in the recent times and thus the insistence of the organizations has increased for the use of this particular strategy (Hill, Jones and Schilling 2014). The organizations like Woolworths Limited, Starbuck and others therefore in the present times have gained sustainability through the use of this particular strategy (Hitt, Ireland and Hoskisson 2012).

Benefits and limitations of sustainable approach

The primary benefit of this particular strategy is that this particular strategy enables the organizations to gain sustainability through ethical means (Hill, Jones and Schilling 2014). The use of business ethics for the process of business has enabled the organizations to create a positive brand image for themselves as it is seen that the customers in the present times believe in the concept of ethical consumerism and therefore try to find out the means by which the enterprise provides products or services to the customers (Pearce and Robinson 2013). Therefore, it can be said that this is one of the primary purposes of the organizations for the use of this particular strategy for the process of their business (Pearce and Robinson 2013).

The implementation of this particular strategy is likely face various kinds of issues. For example, the primary issue which this particular strategy is likely to face is from the various shareholders of the organization as it is generally seen that the use of ethical means for the process of business is likely to have an impact on the net revenue of the organization (Killen et al. 2012). Another issue which the implementation of this particular strategy is likely to face is from the various associates or the organizations which are in collaboration with the concerned organization (Killen et al. 2012).

The major limitation of this particular strategy is that the focus on this particular strategy for the process of business is likely to divert the focus of the organization from the other important processes of the organization (Boyd et al. 2012). Furthermore, the use of this particular strategy though in synchronization with the current requirements of the business is likely to impact the net revenue earned by the concerned enterprise (Hair et al. 2012). In addition to these, the use of this particular strategy for the process of business is likely to create a rift between the management team of the organizations and the investors or the shareholders who are a part of the organization (Boyd et al. 2012).

The major focus of this particular strategy is on the concept of giving priority to the needs and the requirements of the stakeholders associated with an organization (Stead and Stead 2014). Furthermore, another major focus of this particular strategy is on the process of gaining competitive advantage through the use of ethical means. The concept of competitive advantage has emerged as one of the most vital ones within the context of the current business world (Vogel and Güttel 2013). The concept of competitive advantage enables the organizations to establish their monopoly with the business market and also ensure that their products and services will be given priority by the customers (Vogel and Güttel 2013). Thus, the enterprises tend to take the help of various strategies to gain monopoly in the business market irrespective of their being ethical or unethical. However, it is generally seen that the use of unethical means for the process of gaining competitive advantage is likely to provide temporary benefit to the organizations but it fails to deliver results on a long term basis (Wheelen et al. 2017). Therefore, the major focus of stakeholders approach is on the process of gaining competitive advantage through ethical means. Some of the major organizations which have tried to take the help of this strategy through the help of ethical means for the purpose of business are Microsoft, Apple Inc, Tesco and others (Stead and Stead 2014).

Stakeholders approach in strategic management


The major benefit which the strategy of stakeholders approach provides to the organizations which seeks the help of this particular strategy is that it enables the organization to gain competitive advantage through ethical means (Wheelen et al. 2017). The process of gaining competitive advantage through ethical means is a long term one however the benefits provided by this particular strategy are also considerable and it is one of the primary reasons for the use of this particular strategy by the various organizations of the present times (Keupp, Palmié and Gassmann 2012). Furthermore, another concept which gained popularity within the context of the business world is the view that the business enterprises should try to make a positive contribution towards the cause of the environment and the planet as a whole from which they derive the majority of the resource needed for their business (Keupp, Palmié and Gassmann 2012). Thus, this particular strategy by prioritizing the needs of the stakeholders tries to contribute positively towards the cause of both the society as well as the planet.

The major focus of the current day business enterprises is on making the maximum amount of profit. Therefore, it is generally seen that they try to follow the theory of Kantianism which insists that the method adopted does not matter as long the results are favorable (Meyer, Neck and Meeks 2017). The various enterprises take the help of unethical means for the process of gaining competitive advantage (Meyer, Neck and Meeks 2017). Therefore, it is likely that the implementation of this particular strategy is likely to face opposition from not only the management team of the organization but also the shareholders and the investors associated with them (Meyer, Neck and Meeks 2017). Furthermore, the implementation of this particular strategy is also likely to create a lot of conflict among the different entities associated with the enterprise (Meyer, Neck and Meeks 2017).

The dynamic nature of the business world has made it vital for the enterprises to follow the concept of Kantianism to enhance the percentage of profit gained by them (Moutinho and Vargas-Sanchez 2018). However, this particular strategy requires the enterprises to take the help of the theory of Unitarianism (Moutinho and Vargas-Sanchez 2018). Furthermore, the benefits provided by this particular strategy are all long term ones and the major focus of the various business enterprises of the present times on the attainment of short term benefits (Hair et al. 2012). Therefore, it is generally seen that this particular strategy is not in synchronization with the goals of the various business enterprises (Hair et al. 2012). Furthermore, the sole focus of the organizations on this particular strategy is likely to divert its attention from the other important strategies which are more important for the process of its business (Hair et al. 2012).

Benefits of stakeholders approach

The major focus of this particular strategy is on the reintegration of the business model of a particular business enterprise on the basis of the changes in the micro as well as the macro business environment of the enterprise (Hitt, Ireland and Hoskisson 2012). The factors of macro as well as the micro environments impact the business of a particular enterprise (Hitt, Ireland and Hoskisson 2012). Therefore, it becomes very paramount for the organizations to remodel the business process of the enterprise as per the requirements of the business environments (Vogel and Güttel 2013). The majority of the business enterprises are taking the help of this particular strategy for the enhancement of their business. Some of the major organizations which have taken the help of this particular strategy are PepsiCo Ltd and others (Vogel and Güttel 2013). The strategy of dynamic capabilities first propounded by the theorists “David Teece, Gary Pisano and Amy Shuen” in their research paper “Dynamic Capabilities and Strategic Management” in 1997 (Evans, Stonehouse and Campbell 2012). However, it was only in the first decade of the 21st century that the strategy gained popularity within the framework of the current business world (Evans, Stonehouse and Campbell 2012).

The strategy of dynamic capabilities provides several benefits to the business enterprises however the major one is that it synchronizes the business model of a particular business enterprise with its macro as well as micro business environment (Hill, Jones and Schilling 2014). Furthermore, it is generally seen that this particular strategy is being used by the various business enterprises for the purposes of the remodeling of the organization. In addition to these, this particular strategy at the same time enables the business enterprises to find about the strength as well as the weaknesses of their organization. The knowledge about the strengths as well as the weaknesses of the organization helps the enterprises to work on the weaknesses which they have and thereby to improve the prospects of their business enterprise (Hill, Jones and Schilling 2014).

The first major issue which the implementation of this particular strategy is likely to face within the folds of a particular enterprise is from the employees and the other individuals who are associated with the business enterprise (Rahm and Riha 2012). The implementation of this particular strategy requires a remodeling of the business structure of the business enterprise and therefore it is generally seen that the various employees try to resist the change which is being implemented. Furthermore, the reorientation of the structure of the business enterprise is likely to incur a significant amount of capital which is not always feasible for the business enterprises to spend (Killen et al. 2012). These in short are some of the major implementation issues which the implementation of this particular strategy is likely to face within the framework of a particular business enterprise.

Implementation issues of mixed methods research in strategic management

The primary focus of this particular is on the remodeling of the business structure of the business enterprise as per the needs of the business environment. Therefore, the organizations are required to take the help of the concept of change management with which the employees and the other individuals associated with the business enterprise are not always comfortable with (Pearce and Robinson 2013). Furthermore, the sole focus of the business enterprises on this particular model is likely to remove the attention of the business enterprises from the other important factors which affect the business process of the enterprise. In addition to these, it is generally seen that the business enterprises face various kinds of objections from the management team as well as the shareholders of the business enterprise as it is a long term process and the enterprises of the present times focus on the short term ones.

Conclusion

The various business enterprises need to constantly take the help of diverse kinds of policies and strategies for the process of their business operations. Furthermore, it becomes of vital importance for the various business enterprises to align these strategies with the current requirements of the organizations and also with the business environment in which they are operational. There are various kinds of strategies available to the various business enterprises however it is generally seen that the usefulness of a strategy depends on the context in which they are being used. Therefore, a strategy which has proved resourceful for one business enterprise cannot prove to be equally resourceful for another business enterprise. Therefore, it becomes very vital for the various business enterprises to weigh the positive as well as the negative effects of a particular strategy before they implement it within the framework of their business.

References

Boyd, B.K., Takacs Haynes, K., Hitt, M.A., Bergh, D.D. and Ketchen Jr, D.J., 2012. Contingency hypotheses in strategic management research: Use, disuse, or misuse?. Journal of Management, 38(1), pp.278-313.

Evans, N., Stonehouse, G. and Campbell, D., 2012. Strategic management for travel and tourism. Taylor & Francis.

Hair, J.F., Sarstedt, M., Pieper, T.M. and Ringle, C.M., 2012. The use of partial least squares structural equation modeling in strategic management research: a review of past practices and recommendations for future applications. Long range planning, 45(5-6), pp.320-340.

Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.

Hitt, M.A., Ireland, R.D. and Hoskisson, R.E., 2012. Strategic management cases: competitiveness and globalization. Cengage Learning.

Keupp, M.M., Palmié, M. and Gassmann, O., 2012. The strategic management of innovation: A systematic review and paths for future research. International Journal of Management Reviews, 14(4), pp.367-390.

Killen, C.P., Jugdev, K., Drouin, N. and Petit, Y., 2012. Advancing project and portfolio management research: Applying strategic management theories. International Journal of Project Management, 30(5), pp.525-538.

Meyer, G.D., Neck, H.M. and Meeks, M.D., 2017. The entrepreneurship?strategic management interface. Strategic entrepreneurship: Creating a new mindset, pp.17-44.

Molina-Azorin, J.F., 2012. Mixed methods research in strategic management: Impact and applications. Organizational Research Methods, 15(1), pp.33-56.

Moutinho, L. and Vargas-Sanchez, A. eds., 2018. Strategic Management in Tourism, CABI Tourism Texts. Cabi.

Pearce, J.A. and Robinson, R.B., 2013. Strategic management: Planning for domestic & global competition. McGraw-Hill/Irwin.

Rahm, B.G. and Riha, S.J., 2012. Toward strategic management of shale gas development: Regional, collective impacts on water resources. Environmental Science & Policy, 17, pp.12-23.

Stead, J.G. and Stead, W.E., 2014. Sustainable strategic management. Routledge.

Vogel, R. and Güttel, W.H., 2013. The dynamic capability view in strategic management: A bibliometric review. International Journal of Management Reviews, 15(4), pp.426-446.

Wheelen, T.L., Hunger, J.D., Hoffman, A.N. and Bamford, C.E., 2017. Strategic management and business policy. Pearson.

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