Business Model : Strategic Management, Development, Planning And Implementation

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When considering the question of the introduction of a novel business model, in to an established marketplace, consideration must be given to the details of how the introduction will take place, what aims, goals and boundaries the organization will have and how progress towards those aims will be assessed and monitored; that is, a business strategy must be formulated and strategic management processes must be emplaced.

This chapter aims to critically assess academic and professional literature concerned with strategy, strategic management, development, planning and implementation. Consideration will also be given to the theory of business models.

2.1 What is Strategy? What is Strategy Management?

The Oxford English Dictionary defines
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Second, an examination of the organization’s competitive environment, including consideration of why some competitors outperform others.

More recently, Nag, et al, carried out an in-depth study examining the same question. The approach they chose was to survey a range of business professionals, from different business craft groups, as to what they felt Strategy Management meant. In essence, they defined it as an approach to deciding on and achieving a firm’s goals and aims based on assessment of its resources, internal and external environments (Nag, 2007).

2.3 Strategy Development & Planning

2.3.1 Development

As discussed above, the initial step of Strategy Management is to actually develop the Strategy to be used. In this vein, Martin (2010) described a 5-step process, running through the things that need to be considered in the formulation of a business strategy, summarized as below:

1. Set goals / aims and benchmarking processes.
2. Across the potential field available to us, where will we choose to play and not play?
3. Determine market and competitive boundaries.
4. Decide what capabilities are required to progress towards goal.

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