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.

 

Responses

Suzanne,

Looking at your discussion makes me remember the knowledge I acquired about the influence of the development of strategic management fields. I believe that three theories are very crucial to answering these questions. The industrial organization theory, contingency, and resource-based theory sum up to the anticipated search. I agree that strategic-based management entails the formulation and implementation of objectives. Managers of these organizations indeed play essential roles. Surely, these theories highlight how outside perspectives lay significant influence on strategic management fields. I believe that managers also play huge roles in the development of strategic management.

Undoubtedly, the industrial-based theory suggests that there will be no other way to maintain an organization's competitive advantage. I am certain that in any given industry that directly results in the firm, the industrial-based theory will be very effective. Also, the firm or any other business must look at several ways to adapt to the industry's influences. Based on the contingency theory, it is evident that there will be no other way for organizations to make the best decisions. Moreover, an organization's success greatly depends on both internal and external environments. The resource-based theory also highlights the scarcity of resources, with different valuables hard to obtain. This makes it quite easier for organizations to have better resources to achieve better competitive advantages than those that do not. Indeed, all external perspectives play critical roles in improving the development of their organizations. I agree with your discussion as it highlights the real scope of strategic management.

Stephania,

I agree that different organizations use strategic management to create an influential map that will help them reach their goals. Moreover, there are key factors that shape the success of these organizations. External influences indeed play huge roles in the success of these organizations. Furthermore, they are very difficult to control. I understand that some of these external factors include climatic conditions, political, technological, and legal. To understand these discussions, I agree that three theories are essential to these developments. Indeed, industrial organization theory, resource-based theory, and contingency theory are all used to help build effective competitive advantages. Companies must therefore adapt to these external changes to help develop better plans for their success. Adapting means that they must be motivated and do all it takes to achieve the anticipated steps. I am sure that the contingency theory is used to describe how businesses influence their competitive advantages.

Moreover, a blend of all these factors will indeed be essential towards the development of effective ways to solve organizational businesses. Moreover, to achieve the anticipated competitive advantages and success over these external factors, it will be significant for businesses to align their missions and vision. I also agree that the resource-based theory highlights that environment is vital towards developing an organization's goals. The presence of these resources is what makes organizations unique. Furthermore, the uniqueness of these organizations helps shape their success and ensures the achievement of the anticipated goals. In conclusion, I agree that your discussion highlights the true scope of strategic management.