Assignment

Running head: STRATEGIES IN ACTION 1

STRATEGIES IN ACTION 4

Strategies in Action

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Date

The chapter 5 of the book “Strategic Management Concept and Cases: A Competitive Advantage Approach," discusses the concept strategies formulation in the workplace. The chapter outlines discuss the basic concepts that are involved in the strategizing business. This chapter brings strategic management to life by outlining various contemporary examples. In this chapter, the guidelines used in the development of strategies and characteristics of the strategy are outlines. Thus, this chapter offers learners the opportunity to learn the essential concepts of business and project management.

In the analysis of this chapter, the essential topic I have found worth reading is the integration of strategies. This topic introduces one into the concepts of types of integration, which include forward integration, background integration, vertical integration horizontal integration, among other types of integration. These concepts allow one to learn concepts of market development and penetration. Diversification of strategies is another key topic learned in this chapter. Diversification of strategies include concepts such as transferring of experts, know-how, and technology to the organization to gain benefits from this operation (David, 2015). the approach also includes combining of related activities to facilitate the exploitation of well knows gap or resources.

The analysis of this chapter has offered me an essential opportunity to learn essential concepts to be applied in life and the place of work. The current business management needs one to be strategic to become competitive. Thus, this chapter allows one to develop a plan, manage resources, and align the strategic business plan with the available resources and experts. Further, I have learned essential approaches on how to achieve the underlined goal in the strategies. Thus, this chapter has offered me an excellent background to conduct business operations strategically and hence assuring success.

Reference

David, F. R., & David, F. R. (2015). Strategic Management Concept and Cases: A Competitive Advantage Approach. American Economic Review, 15.