ASSIGNMENT OF WEEK 27

1. In your own words and using referenced quotes explain why strategy theories developed in the last 10 years tend to be quite different from those developed in the 1960’s.

According to Jack Welch “A strategy is something like, an innovative new product; globalization, taking your products around the world; be the low-cost producer. A strategy is something you can touch; you can motivate people with; be number one and number two in every business. You can energize people around the message.” (Strategy Quotes, 2012)

According to Rod Blagojevich “A successful economic development strategy must focus on improving the skills of the area's workforce, reducing the cost of doing business and making available the resources business needs to compete and thrive in today's global economy.” (Strategy Quotes, 2012)

The above quotes show some aspect of strategy, the importance of strategy and how it has constantly being change. From 1960’s to till date there has been a dramatic development or change in the strategy.

The way we look to the world was totally different that time. During 1960’s there was low competition and the economic and political conditions were also stable. But today, these factors change day by day and there is no certainty of the future. As the demands and needs increases strategist have to be more creative and flexible to provide best result.

Differences between the strategy theories developed in the last 10 years and 1960’s can be done through strategy theory responses:

Complexity Theory:

If we look after recent strategies, it has been found that nothing is predictable. Flexibility has been seen as the major determinant for adapting to the change. The best example can be emergent strategy as every company is following this strategy. On the other hand, deliberate strategy takes so much time for implementation that the whole scenario might change at that moment.
 

Source: ETH Zurich. (2004, June 10). Inaugural lecture. Retrieved 05 3, 2013, from International Conflict Research: www.icr.ethz.ch/teaching/introlecture

Options Theory:

In the theory of porter’s five forces model the main source for competition was competitive rivalry depending upon the bargaining power of buyers and suppliers, the threat of entrants, and availability of substitute goods. Now today the concept has been changed. It is said that competition comes from flexibility. The market is changing unexpectedly. So opening up the door of flexibility for any time can be a biggest competitive advantage for any organization.

Rapid Adaptation:

From the last ten years new technologies have been developed and customer’s wants are also increasing day by day. It is wise to say that competitive advantage in today’s date cannot be achieved through a unique resources or positioning strategy. Today business organization are changing their strategy as per the change in the market it is very hard to use traditional tools such as SWOT analysis because it is difficult to analyze the changing market. 

2.   You attend a job interview for an entry level managerial position and mention that you completed a 30 week strategy module. Your interviewer seems interested and explains that this job role would enable you to become involved in the strategy making process. In 200 to 300 words explain to your interviewer how the module has helped to prepare you for a strategy role.

Strategy making is a complex job. Previously, it used to be taken as the long term planning in order to achieve certain goals and objectives. Today the meaning of strategy has changed. So, strategy is creating an environment, where a company or organization is able to adapt to change and is flexible.

The model “Strategy: Choices and Impacts” has covered all the aspects of strategy. From the definition to the implementation and future of strategy has been included in the course. At first this model has clearly stated that any plans or action to attain organizational goals is strategy.  It has helped us to develop knowledge and skills of wide range of strategic analytical tools. Further, it has helped us how to make choice and how to implement a perfect strategy. Mainly, it has provided us the knowledge by which we can use in the practical scenario.

With the help of different analytical tools such as Porter’s Five Forces Model, 7s Model, PESTEL Analysis, SWOT and TOWS Analysis; I have been able to understand the nature and understanding of business and the strategies to tackle with the problems.

As interpersonal skills are very important for the role of strategist, the presentation and other interactive activities included in this model has developed our interpersonal skills. It has also developed our creativity skills which are required to develop strategies. As the market changes day by day companies and organizations needs to flexible and to be flexible there is a need of creativity to develop or divert strategies. The model is not only focused with definition but it has been applied with practical scenario. We deal with different case studies relating to strategy and in addition we tried to solve the problem with our creativity and skills.

At last, I would like to say that this model has enabled me to become a successful strategist and given me all the knowledge and skills to be a good manager and strategist in the future.