Strategic leadership in a changing world Essay Example | Topics and Well Written Essays - 2000 words

Strategic leadership in a changing world - Essay ExampleIn this regard, while the classical approach to strategic counsel remains a highly relevant issue, it is through aligning the goals and vision of the business with the changes in the competition, market, and global society that the company is able to truly dilate in its industriousness. In this light, I wish to divide my discussion into four basic parts. The first part will be devoted for a before long review on the unchanging relevance of formulating business strategy. To further deepen the discussion, I intend to infuse Michael Porters lectures on competitive gain and its role in ensuring a strong positioning in the industry. The second part will widen the definitions of business strategy by introducing the concepts of internal and immaterial stakeholders of current, competitive, and emerging markets and of cultural and socio-political environments. The last part will then focus on the individual understanding of the two authors on the need for an innovative and inventive workforce. This part, specifically, will bolster on (1) the role of inspiring and highly-motivating leaders and (2) the concept of effective communication as the fuel for big changes in the company. ... Through this definition, we be able to highlight the two crucial concepts in strategic management. The first banks on the process of analyzing the companys values, mission, and vision of leaders creating strategic decisions on its overarching business goals based on an in-depth understanding of its internal structure and a holistic view of the industry where it participates in and of specific business units taking actions as summarized in the companys business strategy (Gregory et. al, 2005). On the other hand, the second concept deals with the need to outperform the competition. Michael Porter echoes this position as he discusses strategic management as primarily aimed at radically differentiating ones company from its competitor s in a manner that is sustainable and copy-proof (Porter, n.d.). To Jorgensen (2008), however, Michael Porters main perspective on strategic management as creating differentiated positioning must not be divorced from the ideas of understanding the dynamics of the industry and the development of a lasting competitive advantage. In this regard, it can be claimed that Porters work entitled Competitive Strategy (1980) has provided significant teachings on the rationale behind knowing ones industry well. In this work, not only did Porter integrate the concepts of micro- and macro-economics in the management of businesses, he was similarly able to introduce the forces that shape the nature of ones industry. Popularly named The Five Forces, Porter was able to not only highlight the status of competition, as well as the strengths of buyers and suppliers in assessing the viability of securing a strong position in the industry, he was also able to reinforce the emerging significance of barri ers to entry and threats of