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Essay / Research Paper Abstract
A 7 page paper discussing the relevance of strategy. Every organization can benefit through assessing these five factors affecting its ability to compete in its market. If individuals within the organization have difficulty with the phrase "strategic management," then they can coin another name for the activities involved in it. Sam Walton used the five forces analysis when choosing to set Wal-Mart on an expansion path, but that was long before Porter or anyone else identified those forces. Whatever the name, strategic management not only is relevant, but crucial. Bibliography lists 3 sources.
Page Count:
7 pages (~225 words per page)
File: CC6_KSstratRelev.rtf
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Unformatted sample text from the term paper:
"strategy" in general terms, and the word is used in a variety of ways. Bonoma (1989) bemoaned the overabundance of "strategy" in marketing that was not backed up with
action, but the focus here is not that limited view of a specific course of action. Rather, strategy here comprises a combination of corporate activities that begin with the
organization determining what it is, what it wants to be and how it can build sustainable competitive advantage so that it can achieve its goals in the most efficient manner
possible. Todays Business Environment In todays business environment that changes so quickly and dramatically, Harvards
Michael Porter argues that the purpose of strategy for the future is not so much that of determining where the organization is headed based on what the organization wants, but
is a method of coping with competition in a manner that will allow the organization to overcome obstacles to achieve its goals (Goett, 1999). In order to assess competitors
strengths as well as the organizations strengths in light of industry conditions and trends, it is necessary for organizations to evaluate more than simply what competitors are doing.
Porters Five Forces emerged from Porters analysis of this realization. Competition "in an industry comes not simply from direct competitors, but from the underlying
economics of the industry" (Goett, 1999; p. 1B); Porters Five Forces provides a practical model that also addresses economic principles. In the view
that "strategy" is one organizations determination to set its own course and lead its industry, of course strategy is less than useful. This view, however, is not strategic management
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