Strategic Management Academic Discipline
The study of strategic management is a fundamental academic discipline in the field of modern management. It is a dynamic, complex and complex process that balances the internal and external environments of an organization and coordinates the social and economic resources of an organization to achieve its mission and goals. Strategic management is a multi-disciplinary field of study that systematically assesses the objectives and assets of an organization, the environment in which it operates, the skills and resources available, and the chosen strategies to achieve the organizations objectives.
The three most widely known schools of thought in the field of strategic management are the total quality management school, the strategic thinking school, and the game theory school. Each school relies heavily on their respective theoretical frameworks to determine the best course of action for an organization. The total quality management school believes that organizational success is enabled by continuous improvement and cost reduction, while the strategic thinking school focuses on mission and vision to drive organizational change. The game theory school believes that strategy is best determined through careful analysis of how ones actions will affect the actions of ones opponent.
Total Quality Management focuses on understanding, monitoring and reducing the costs of internal processes, for the purpose of providing value to customers. This involves measuring every input and output of an organization, as well as utilizing continuous improvement practices to reduce waste. The total quality management school views quality as a function of customer satisfaction and looks for ways to manage resources in order to achieve the organizations mission.
The strategic thinking school of strategic management looks at the organizations mission and vision to determine the best course of action for the organization. This school relies heavily on scenario planning and visioning processes in order to determine the direction and objectives of an organization. This school of thought also emphasizes the need for strategic partnerships and alliances in order to build competitive advantage.
The game theory school of strategic management believes that strategic decisions are best determined through careful analysis of the impacts of ones own strategies on an opponents strategy. This school utilizes game theory to simulate encounters between organizations and helps decision-makers evaluate their strategies in order to gain the most favorable outcome.
These three schools of thought make up the strategic management discipline, and they offer different approaches to the same problem. The proper application of strategic management principles allows organizations to develop a comprehensive approach to problem solving. This comprehensive approach allows organizations to align resources and actions with their mission and goals in order to maximize their potential for success.
Strategic management is a powerful tool for organizational success, and is essential for any organization that wants to achieve its goals in a dynamic and competitive environment. It is important for any organization to understand the different schools of thought in strategic management, and to apply them appropriately in order to reach its goals.
