respond. with 250 words Suzanne
How have outside perspectives influenced the development of the strategic management field?
To answer this question, we must look at each of the three theories: industrial organization theory, resource-based theory, and contingency theory. First, we have learned that strategic-based management involves formulating and implementing objectives and initiatives undertaken by the top managers of an organization on behalf of the owners. Second, each of the mentioned theories shows how outside perspectives have influenced the strategic management field.
According to the industrial-based theory, it suggests that there is one way to maintain a competitive advantage. A given industry has a direct result on the firm. The firm must then adapt to the influence of the industry.
According to contingency theory, there is no best way to run an organization or make a decision. It suggests that a firm’s succusses is contingent on the internal and external environment.
According to the resource-based theory, resources are rare, valuable, and hard to obtain. Therefore, using resources can impact a firm’s output and overall success.
In summary, all of these outside perspectives come together to help improve the development of the strategic management field.
respond. with 250 words stephania
how have outside perspectives influenced the development of the strategic management field?
Strategic Management is used by organizations to create the roadmap that will help them reach their goals. A company can have everything planned out and try to control internal influences, whereas external influences are harder to control. Even though the external influences are harder to control they have a large influence on the strategic management field. Some of these external influences come from things such as climate, economy, technology, political and legal. There are three types of theories that help explain the influence of outside perspectives on strategic management. The three theories are industrial organization theory, resource-based theory and contingency theory. Industrial organization theory is based around the idea that for a company to be successful you must adapt to the environment of the industry that they are entering, and therefore they must be aware of the type of industry that they are choosing. This means they have to adapt to survive and be successful. The contingency theory describes how a company as influence by the competitive environment that they are in and the resources that they are able to use in the environment. The only way to be successful is aligned with the vision and mission. Finally, the resource-based theory explains that even though the environment is vital to the company success, the resources is what makes the company unique versus all of its competitors long term.
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