Literature Review of Strategic Management

Powerful Essays
Literature Review on Strategic Management with Emphasis on
Porter’s Theories as Applied in Current Decision Making

Abstract
This review provides an overview of a few of the key topics that have defined the strategic management field since the later twentieth century. Strategic planning, strategic planning frameworks and strategy implementation issues are discussed both from a historical and modern perspective. Michael Porter’s frameworks and generic strategy provide an excellent backdrop for formulation of strategy but scholars argue that the current environment of business may require new or altered frameworks. A blended strategy of differentiation plus cost leadership may be possible within the new technology platforms afforded via e-commerce. Mega sized corporations nearing 500 billion in revenue are redefining the rules of strategy and using their massive scope and scale in new and unique ways. Regulation, diversity and shared value are important to consider in developing strategy and can contribute to differentiation if properly managed. Strategy implementation is an area where further research is needed and special attention needs to be focused on the internet and mega corporations as they seem to defy all historical strategy guidance.
Keywords: Strategic management, strategy implementation, Michael Porter

Literature Review on Strategic Management with Emphasis on
Porter’s Theories as Applied in Current Decision Making
Introduction
The single most important intellectual asset in any company outside of its employees is its strategy. Leaders are defined by the strategies they create and execute. Poorly designed strategy can be devastating to firms and many years of hard work can disintegrate when strategic plans are not properly implemented. Developing consistency in strategy is very important to proper implementation of the core elements. Ultimately the strategy must become centrally integrated and



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