Issues in Strategic Management

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INDIVIDUAL ESSAY
ISSUES IN STRATEGIC MANAGEMENT
Student Name: Nguyen Thi Nga
Student Number: 15961604
MBA11 – LA TROBE UNIVERSITY
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Topic: “Strategy is a master plan stating how the corporation will achieve its mission and objectives” (Hunger & Wheelan 2001:7). Discuss this statement with reference to Henry Mintzberg, Michael Porter’s Five Forces Model, and an organizational case analysis.

INTRODUCTION

A master plan is the driving force behind an enterprise’s continued survival and ongoing development. In the context of the global competition of the 21st century, an enterprise must make their own strategy which must be a master and comprehensive plan to compete with many other competitors. Actually, they need to establish, to maintain and to create their competitiveness so that they can gain its mission and objectives. Among other business theorists, Hunger and Wheelans said that “Strategy is a master plan stating how the corporation will achieve its mission and objectives”. Based on the above reasoning, the objective of this study is to compare and analysis the statement of Hunger and Wheelans with reference to Henry Mintzberg and Michael Porter’s Five Forces Model. Actually, these theorists have a great influence on today strategic management in Vietnam as well as in the global management. In this research, I also take an example about the strategy of … organization to illustrate for. DEVELOPMENT

A strategic planning process includes considering, deciding and implementing strategies (Aloha, 1995) (1). A strategy can be a stabilization strategy, a growth strategy or a retrenchment strategy (Wheelen and Hunger, 1995) (2). However, it must be suitable to a certain corporation’s mission and objective. Michael Porter had developed his theory called “Five Forces Model” which is a framework for the industry analysis and business strategy development. In fact, many strategic managers who are seeking to...
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