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Strategic management and planning are no longer the preserve of senior executives. This free course, Strategic view of performance, looks at three different approaches to strategy before analysing the direction that strategic management may take now that it has become an accumulation of small tactical decisions rather than a top-down process. If you are interested in how a business 'ticks', this course could provide some of the answers.
After studying this course, you should be able to:
- explain the difference between a ‘markets approach’ and a ‘resource-based approach’ to strategy, and how they complement each other
- explain what is meant by ‘the value chain’, and how it applies to an organisation
- explain what is meant by ‘emergent strategy’ and why intended and actual strategy may differ
- contribute more effectively to developing and implementing strategy in the organisation.
- Current section: Introduction
- Learning outcomes
- 1 What do we mean by strategy?
- 2 Market-based approach to strategy
- 2.1 The ‘near environment’
- 2.2 Porter's five forces framework
- 2.3 Applying the five forces model
- 2.4 Strategy as fit between organisation and environment
- 3 Resource-based approach to strategy
- 4 Strategy as rational planning
- Keep on learning
Study this free course
Enrol to access the full course, get recognition for the skills you learn, track your progress and on completion gain a statement of participation to demonstrate your learning to others. Make your learning visible!
Strategic view of performance
In this session we take a closer look at what is meant by strategy. The classical approach to strategic management treats strategic planning and control as purely the province of senior managers. More recent approaches accept that middle-level managers may have an important role to play, not only in implementing strategy but also in the emergence and formulation of strategic direction. We will look at three broad approaches to understanding strategy. First, we examine the idea of strategy as a formal, top-down process of analysis and planning based on a considered response to the environment in which the organisation operates, and its core mission. Second, we consider strategy as the identification and development of core capabilities and networks of relationships, as a source of competitive advantage. Third, we turn to one important aspect of strategy: understanding and managing the creation of value, within and between organisations. Finally, we consider the ways in which strategic direction can emerge over time as the accumulation of smaller tactical decisions, as opposed to a formal, top-down process of analysis and planning.
This OpenLearn course provides a sample of postgraduate study in
This free course includes adapted extracts from an Open University course which is no longer available to new students. If you found this interesting you could explore more free Human Resources courses or view the range of currently available OU Human Resources courses.
Copyright & revisions
Originally published: Friday, 8th July 2011
Last updated on: Thursday, 11th February 2016
- Creative-Commons: The Open University is proud to release this free course under a Creative Commons licence. However, any third-party materials featured within it are used with permission and are not ours to give away. These materials are not subject to the Creative Commons licence. See terms and conditions. Full details can be found in the Acknowledgements and our FAQs section.
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