Question

Which strategic management theory do you think has the greatest value to the practising manager? You should discuss at least two theories in your answer before coming to a justified conclusion.

Answer 1

Strategic management theory helps the organization to grow their business and try to achieve their organizational objectives effectively and efficiently. Effective use of strategic management also fulfills the internal as well as the external factors of the organization. The two theories which will increase the value of practicing manager are profit-related theory and competition-related theory. Profit-related theory helps the managers think in a way that will enhance the organization's profit level. If the company is earning a considerable profit, then the company is going in the right direction, and there will be an achievement of their organizational objectives. Competition-related theory helps the manager think in a way, which can decrease competition level between the organization. Effective use of competition-related theory helps the organization take a competitive advantage over its competitors in the marketplace. If the organization is working with full dedication and motivation, it will attract the customers towards their organization, which will take the organization one step ahead of its competitors, which will be beneficial for the organization.

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