Introduction: Trends in Strategic Management Research
Since the establishment of organizations, people have been devising ways to outsmart each other in the game of survival. Strategic management is a process of evolution that helps make the right moves in a controlled way that has steadily matured over the past few decades. The field has become much stronger over this period by expansion over the range of topics analyzed and research methodologies used.
- It is a Youthful Discipline
The progress towards maturity has been accompanied by several factors, like, internationalization, cooperation between firms, strategies and competition in the markets. All of this is used for the analysis of products & factors, strategic leadership, and to understand the relationship between a firm’s strategy and its corporate social responsibility.
- It Has Seen Significant Growth in the Range of Research Methods Used
The methods used in the research and analysis have become more steady and sophisticated since the origin of strategic management. In-depth case studies have replaced the use of quantitative tools based on complex econometric techniques, and multilevel analysis. More recently, it has adapted to hybrid methodologies that involve a single study combining quantitative and qualitative techniques. Each technique is adapted based on the nature of the problem to be analyzed.
- It is an Indicator of Growing Maturity
It reveals how consensus around the concept of strategy has been building up and spreading over time. Today’s modern computers present organizations the opportunity to develop strategic models and software that allows every level of the organization to view and execute a plan. This clearly shows that the invention of the modern computer and strategic planning software has allowed organizations to align their strategies at every level and move beyond the paper and pencil plans of the past.
The Evolution of Strategic Management
All strategic processes have a starting point; for businesses, the starting point evolves from an organizational need to adapt and compete within a competitive market. Early strategy inventors, Henry Mintzberg and Max MacKeown understood this need and defined strategic management as a “pattern in a stream of decisions” that is focused on shaping the future of the organization. Successful businesses identify the vision, break down that vision into individual plans of action, and then re-organize their plans based on the key performance indicators. Businesses understood that strategic management is a top-notch process where every level of the organization is a part of the implementation process.
Throughout its development, strategic management has accumulated a large corpus of knowledge, both theoretical and methodological. Accordingly, there has arisen a need very often to define the state-of-the-art direction and implementation of the process.
The Evolution Endgame
Achieving the right knowledge base and learning the right tools to succeed is very important in order to evaluate the performance of your team; equally important is to get the team members to adopt the strategy and change with the dynamic business environment. Rigid plans without flexibility are doomed to die just like the dodo bird.
It becomes essential to be flexible and hold fast to the end goals. To survive in this vulnerable and dynamic business environment, you need the guidance of a strategic management course. A strategic management course will help you process, evaluate, collaborate, manage and adapt your goals for greater viability. Taking up credible and accredited strategic management courses online will help you towards building and achieving a winning strategy that is truly a process of evolution.