In the field of management, strategic management involves the formulation and implementation of the major goals and initiatives taken by an organization's managers on behalf of stakeholders, based on consideration of resources and an assessment of the internal and external environments in which the organization operates. Strategic management provides overall direction to an enterprise and involves specifying the organization's objectives, developing policies and plans to achieve those objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision-making in the context of complex environments and competitive dynamics. Strategic management is not static in nature; the models can include a feedback loop to monitor execution and to inform the next round of planning.
In business, a competitive advantage is an attribute that allows an organization to outperform its competitors.
Marketing strategy refers to efforts undertaken by an organization to increase its sales and achieve competitive advantage. In other words, it is the method of advertising a company's products to the public through an established plan through the meticulous planning and organization of ideas, data, and information.
Gary P. Hamel is an American management consultant. He is a founder of Strategos, an international management consulting firm based in Chicago.
Agile Manufacturing is a modern production approach that enables companies to respond swiftly and flexibly to market changes while maintaining quality and cost control. This methodology is designed to create systems that can adapt dynamically to changing customer demands and external factors such as market trends or supply chain disruptions.
Coimbatore Krishnarao Prahalad was an Indian-American entrepreneur and author.
Strategic thinking is a mental or thinking process applied by an individual in the context of achieving a goal or set of goals. As a cognitive activity, it produces thought.
Competence is the set of demonstrable personal characteristics or KSAOs that enable job performance at a high level with consistency and minimal difficulty. Competency in human resources is an organizational criterion for excellence that encompasses the behaviors, experience, knowledge, skills, and abilities that enable employees to perform their roles effectively and reliably.
The resource-based view (RBV), often referred to as the "resource-based view of the firm", is a managerial framework used to determine the strategic resources a firm can exploit to achieve sustainable competitive advantage.
Co-creation, in the context of a business, refers to a product or service design process in which input from consumers plays a central role from beginning to end. Less specifically, the term is also used for any way in which a business allows consumers to submit ideas, designs or content. This way, the firm will not run out of ideas regarding the design to be created and at the same time, it will further strengthen the business relationship between the firm and its customers. Another meaning is the creation of value by ordinary people, whether for a company or not. The first person to use the "Co-" in "co-creation" as a marketing prefix was Koichi Shimizu, professor of Josai University, in 1979. In 1979, "co-marketing" was introduced at the Japan Society of Commerce's national conference. Everything with "Co" comes from here.
In organizational theory, dynamic capability is the capability of an organization to purposefully adapt an organization's resource base. The concept was defined by David Teece, Gary Pisano and Amy Shuen, in their 1997 paper Dynamic Capabilities and Strategic Management, as the firm’s ability to engage in adapting, integrating, and reconfiguring internal and external organizational skills, resources, and functional competences to match the requirements of a changing environment.
Hypercompetition, a term first coined in business strategy by Richard D’Aveni, describes a dynamic competitive world in which no action or advantage can be sustained for long. Hypercompetition is a key feature of the new global digital economy. Not only is there more competition, there is also tougher and smarter competition. It is a state in which the rate of change in the competitive rules of the game are in such flux that only the most adaptive, fleet, and nimble organizations will survive. Hypercompetitive markets are also characterized by a “quick-strike mentality” to disrupt, neutralize, or moot the competitive advantage of market leaders and important rivals.
Birger Wernerfelt is a Danish economist and management theorist, and JC Penney Professor of Management at the MIT Sloan School of Management. He is best known for “A Resource-based View of the Firm” (1984), which is one of the most cited papers in the social sciences.
Creating shared value (CSV) is a business concept first introduced in a 2006 Harvard Business Review article, Strategy & Society: The Link between Competitive Advantage and Corporate Social Responsibility. The concept was further expanded in the January 2011 follow-up piece entitled Creating Shared Value: Redefining Capitalism and the Role of the Corporation in Society. Written by Michael E. Porter, a leading authority on competitive strategy and head of the Institute for Strategy and Competitiveness at Harvard Business School, and Mark R. Kramer, of the Kennedy School at Harvard University and co-founder of FSG, the article provides insights and relevant examples of companies that have developed deep links between their business strategies and corporate social responsibility (CSR). Porter and Kramer define shared value as "the policies and practices that enhance the competitiveness of a company while simultaneously advancing social and economic conditions in the communities in which it operates", while a review published in 2021 defines the concept as "a strategic process through which corporations can turn social problems into business opportunities".
Rita Gunther McGrath is an American strategic management scholar and professor of management at the Columbia Business School. She is known for her work on strategy, innovation, and entrepreneurship, including the development of discovery-driven planning.
Capability management is the approach to the management of an organization, typically a business organization or firm, based on the "theory of the firm" as a collection of capabilities that may be exercised to earn revenues in the marketplace and compete with other firms in the industry. Capability management seeks to manage the stock of capabilities within the firm to ensure its position in the industry and its ongoing profitability and survival.
Cuno Pümpin is a Swiss economist, entrepreneur and consultant. He was born in Basel, Switzerland.
Media management is a business administration discipline that identifies and describes strategic and operational phenomena and problems in the leadership of media enterprises. Media management contains the functions strategic management, procurement management, production management, organizational management and marketing of media enterprises.
Yves Doz is a French academic. He is a professor of strategic management at INSEAD, where he holds the Solvay Chaired Professorship of Technological Innovation, and is a Fellow of CEDEP. His research interests focus on innovation, the strategy and organization of multinational corporations, strategic alliances, and on how business organizations can develop the capability to adapt quickly to changes in competitive environments. More recently, he has been working with a number of national governments on strategic adaptability and agility. He is the author of numerous books and articles, which include the first comprehensive book on strategic alliances, co-authored with Gary Hamel, and the Multinational Mission, co-authored with CK Prahalad.
Competence is a polyseme indicating a variety of different notions. In current literature, three notions are most evident. The first notion is that of a general competence, which is someone's capacity or ability to perform effectively on a specified set of behavioral attributes. The second notion refers to someone's capacity or ability to successfully perform a specific behavioral attribute — be it overt or covert — like learning a language, reading a book or playing a musical instrument. In both notions, someone may be qualified as being competent. In a third notion, a competence is the behavioral attribute itself, instead of a general or specific capacity or ability. One may for example excel at the competence of baking, at the competency of ceramics, or at the capability of reflexivity.
