Strategic Management: A Stakeholder Approach


Strategic Management by Freeman is a classic. It should be required reading for every manager and MBA student. When Freeman wrote the book, stakeholder thinking was still rather new and unusual – at least in its explicit form -, while it is now, thanks in large part to Freeman, widely accepted.
The book is, like many management books, relevant both to academic research and to day-to-day business. But, unlike many management books, this publications can actually be read both by academics and by managers, which may explain in part its impact.
The book makes clear that strategy, especially in the stakeholder-form, requires a proper understanding of both ethics and systems thinking. It should at least make the reader think about both.

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About Strategic Management

Strategic management refers to the process of identifying an organization’s long-term goals and objectives, developing strategies to achieve those goals, and implementing plans to ensure their success. It involves analyzing the organization’s current position in the market, evaluating opportunities and risks, and making decisions that will give the organization a competitive advantage.

The strategic management process typically involves several steps, including:

  1. Environmental analysis: This involves examining the organization’s external environment, including the industry it operates in, the competition, and any relevant economic, political, or social factors.
  2. Internal analysis: This involves evaluating the organization’s internal strengths and weaknesses, including its resources, capabilities, and core competencies.
  3. Goal setting: Based on the results of the environmental and internal analysis, the organization sets long-term goals and objectives.
  4. Strategy development: This involves identifying a range of possible strategies to achieve the organization’s goals, and selecting the best one based on the organization’s resources, strengths, and weaknesses.
  5. Strategy implementation: This involves putting the chosen strategy into action, which may involve changes to the organization’s structure, processes, and culture.
  6. Evaluation and control: This involves monitoring the implementation of the strategy and making adjustments as necessary to ensure that the organization stays on track to achieve its goals.

Effective strategic management can help organizations adapt to changing market conditions, improve performance, and maintain a competitive edge.

How adapt strategic management to new digital tramsformation

The digital transformation has significantly impacted the way businesses operate and compete. It has created new opportunities for innovation, efficiency, and growth, but also new challenges in terms of managing technology, data, and customer expectations. Therefore, strategic management needs to adapt to the new digital landscape to ensure that organizations can leverage the opportunities and address the challenges effectively.

Here are some ways to adapt strategic management to the new digital transformation:

  1. Incorporate digital technologies and capabilities into the environmental analysis and internal analysis. This will help identify opportunities and challenges related to technology and digital trends that can affect the organization’s performance and competitiveness.
  2. Define digital goals and objectives that align with the organization’s overall strategy. Digital goals should be specific, measurable, attainable, relevant, and time-bound.
  3. Develop a digital strategy that includes initiatives and projects to achieve the digital goals. The digital strategy should consider the organization’s resources, capabilities, and risk tolerance.
  4. Implement digital initiatives and projects using agile methodologies and iterative approaches. This will help organizations quickly test and adapt digital solutions based on customer feedback and market changes.
  5. Monitor and measure digital performance using digital metrics and analytics. This will help organizations track progress towards digital goals, identify areas of improvement, and make data-driven decisions.
  6. Foster a digital culture that embraces innovation, experimentation, and collaboration. This will help organizations build digital capabilities, attract and retain digital talent, and create a customer-centric mindset.

By adapting strategic management to the new digital transformation, organizations can better position themselves for success in today’s rapidly changing business landscape.

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