Discuss the three challenges that strategists face today.
According to our textbook, pages 312 to 315, there are three challenges in Twenty-First-Century strategic management. These three challenges are deciding whether the process should be more an art or science, deciding whether strategies should be visible or hidden from stakeholders, and deciding whether the process should be more top down or bottom up in their firm.
The first challenge strategists face is deciding whether the process should be more an art or science. Strategists must decide whether or not they should see the process as an art or science and there are arguments that support both of these sides. Most strategic literature advocates that strategic management is a science. Under this science approach, firms should systematically assess their external and internal environment, they should conduct research and evaluate the pros and cons of all alternatives as well as performing analyses and deciding upon a particular course of action. However, Mintzberg’s notion of crafting strategies supports the art approach where strategic decision-making is based on holistic thinking, intuition, creativity, and imagination. As always the supporters of both sides have really good arguments as to why each approach is better than the other one. Supporters of Mintzberg reject strategies that are based on objective analysis while strategy scientists reject strategies that are the result of emotions, hunch, creativity, and politics. The challenge hear is to decide which approach is the nest one for their firm and ensuring that this approach will help the firm accomplish its strategist goals.
The second challenge is whether or not strategies should be visible or hidden from stakeholders. As mentioned on the textbook, page 314, there are many reasons why the strategy process and strategies themselves should be visible rather than secrets. However, there are also many reasons why they should be kept secret....
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