Reflection on Strategic Management Course Essay

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Discussion Reflection

1. I think the concepts that were most interesting to me in this class were more the high level concepts like the Five Forces. These are the sorts of tools that I think can be relevant in any industry. They force you to think not just about what the company does, but how the business works. For example, you can be good at some aspect of the business, but a tool like Five Forces will help you to consider whether what you\'re good at is what you actually need to be good at in order to succeed. As the literature on that tool in particular notes, it helps you to formulate strategy by giving you one of the most important starting points – knowing where profit comes from in your industry (MindTools, 2018). So things like that, and SWOT, may seem really simple but if you take the time to do the research and really think deeply about the company and its industry, you\'ll get a lot of great insight by applying those tools.

One of the things I like about these basic tools is that they are essentially timeless. There have been studies that attempt to suggest that something in the environment changes and all of a sudden these frameworks don\'t apply (Karagiannopoulos, 2006).

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To me, that\'s failing to understand just how adaptable these frameworks actually are. Business is still about doing what you do better than other companies, and then earning profit from such activity. That has not really changed, which is why these models are powerful to me.

2. Most useful to me is just the idea of taking all these different pieces of information, and putting them together. The larger a company is, the more complex it is. It can be quite easy to become overwhelmed by this complexity. But becoming overwhelmed by complexity is a sure-fire way to end up with bad strategy. Neill and Rose (2006) make the case that complexity can create difficulties with execution throughout the organization. This is why I actually like the tools that simplify this complexity. You take in a lot of information if you want to do a SWOT or Five Forces properly, but at the end you actually have insights that can help guide both high-level strategy and the sort of lower-level implementation pieces at the same time. To me, that\'s very….....

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References

Karagiannopoulos, G. (2006) Fathoming Porter\'s five forces model in the internet era. Info. Vol. 7 (6) Retrieved February 25, 2018 from http://www.emeraldinsight.com/doi/full/10.1108/14636690510628328

MindTools. (2018). Porter\'s five forces. MindTools.com. Retrieved February 25, 2018 from https://www.mindtools.com/pages/article/newTMC_08.htm

Neill, S. & Rose, G. (2006) The effect of strategic complexity on marketing strategy and organizational performance. Journal of Business Research. Vol. 59 (1) 1-10.

Reh, J. (2018) The benefits of continuous improvement in the workplace. The Balance. Retrieved February 25, 2018 from https://www.thebalance.com/planning-for-continuous-improvement-in-the-workplace-2275281

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