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Business Strategy Literature Review
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Introduction
Strategic development and execution are key functions in an organization. Firms have to
research, plan and execute operations that ensure they have met competitive advantages in the
industries they are operating. Understanding how to effectively manage strategy development
processes is fundamental to ensuring sustainability of an organization. The process which
involves key steps of planning and execution needs best theoretical practices that have proven to
be successful in implementation.
Through research of available literature, it can be possible to evaluate some of the best
practices in strategic development and execution. An organization employing these strategies
will be successful in its endeavor, and display indicators of competitive advantages such as
increased return on investment, increased market share and attainment of operational excellence.
This write-up reviews group and individual decision-making in the process of strategic
development, best and newest trends in strategy development and execution, and how academic
discipline contributes to strategic development in an organization.
RQ1: Individual Vs Group Decision-making Processes
In any organization, there are situations that call for decision-making. Decision-making
processes in any organization are complex and critical to the wellbeing, both in the long and
short run for any organization. Therefore, it is important that they have been effectively carried
out so that laid down plans are executed and controlled to completion. Decisions in an
organization can be made on individual or group levels.
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Individual decision making as the name suggests is the process of reflecting on an issue,
questioning and finally making rational decisions based on one's own thought process and
intuition. On the other hand, group decision making involves a participatory process where many
individuals collectively act to analyze situations and problems within their affiliated firm,
consider and evaluate alternative causes of action, and, among these alternatives, select a
solution, or solutions that will best address the issue at hand (Reference for business, 2021).
Although both group and individual decision-making processes can be applied in an
organization, it is important to know how each of these processes can aid or impede business
decision-making. According to Mukherjee et al (2016), the process of decision making relies on
a number of complex psychological factors.
It is important to understand how these psychological factors will help support the
organization or go against its values, therefore working in contrast with its main aims. They also
assert that in the past two decades, there has been a general shift in preference from individual to
group making for different institutions. However, it is not as easy as allowing for collaboration at
all times, and organizations should know the difference on when to use individual or group
making decision processes.
Individual decision-making processes
How they aid in business decision processes
One major advantage with individual decision-making processes is that they are quick.
As initially stated, individual decision-making processes involves a singular person undergoing a
thoughtful process of reflection, rational thinking and questioning. Thereafter, they will choose
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the best possible option to deal with a situation at hand or make a decision that they believe is
best fit to mitigate a business problem. The general process of individual decision-making
process is relatively quick and does not consume time compared to group decision making
processes.
Individual group decision-making can aid a business if a fast decision making is needed.
For example, if an organization is faced with a situation where they have to make a rational
decision with a limited time frame, individual decision-making would be preferred to group
decision-making. Most ad hoc decisions within an organization are based on individual decision
making.
Also, individual decision making will be applied when a person has been delegated with
specific responsibilities and now, they have to make decisions by themselves. Because of the
quick nature of individual decision making, it supports the overall business decision making by
allowing one to rationally provide the best solutions in different business situations.
The process of individual decision making is cost effective. Because the whole process
involves an individual's own thinking and intuitive processes, there are minimal or no costs
required by an organization to invest in coming up with a decision. Compared to group decision-
making were there needs to be sending of emails, scheduling, multiple meetings and gathering
other people, individual decision making does not require any of these. In the process, an
organization is able to cut on costs and still get decisions regarding a certain business issue.
In individual decision-making, there is accountability for one's actions and one takes
responsibility for their performance. Because of being exposed to such a situation where they
have to be accountable, employees within an organization participating in individual decision-
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making processes will have to ensure that these processes bring out the best possible decision
that will be fit the organization.
Consequentially, it follows that the whole process yields maximal decision-making
strategies for an organization that will prove to be very successful. Lazzari (2018) asserts that
Individual decision-making process keep employees on their toes because they have to be
responsible for the decisions they made. Therefore, individual decision-making process in this
case will aid the business in reaching it goal in mitigating business issues that need apt decision-
making.
Juneja (n.d) Explains that the process of individual decision making involves long hours
of thinking and questioning before performing the actual decision. In agreement with the
previous point that individuals will have to be responsible for their own decisions, individuals
that participate in decision-making processes will have to undergo processes of research and
make rational decisions basing on this knowledge.
Thinking and questioning before making a decision is important in aiding business
decision-making because it helps in analysis and forecasting, both of which are important in
meeting organizational needs. Through careful assessment processes, individuals can come up
with the best strategies for any given case.
How they can impede business decision making
One way through which individual decision-making processes can impede business
decision-making is that, individuals tend to think about themselves only and not the entire
organization when making decisions. Because the whole process involves an individual’s own
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intuition, it is possible that some people may lack objectivity while making decisions for the
entire organization. A decision that only focuses on an individual will have disastrous impact for
the organization.
For example, if an individual was to make a decision for their department and failed to
include other employees’ welfare, there is likely to be dissatisfaction that may translate to
negative Attitudes in the workforce. The negative attitudes in the workforce translate to reduced
productivity associated with this department. Therefore, an individual’s decision-making process
will have negatively impacted on the entire organization therefore impeding its achievement of
business goals.
Another disadvantage of individual decision-making processes is that, it entirely depends
upon the knowledge and skills of the individual to make the right decision. Because the whole
responsibility of making a decision lies upon an individual, it depends upon the knowledge of
such a person to make good decisions for the organization. If an individual is not skilled enough
to make appropriate decisions, they can make decisions that see the downfall of the entire
company. Also, if a person is not rational in their decision-making process, the biases can
translate into losses for the entire organization.
Individual decision-making processes can impede business decision-making because of
the limited knowledge an individual has compared to a selected committee of employees. The
amount of research an individual can do given a particular time frame is little compared to that
which a group can do. Limited research translates to relatively poor quality of decisions resulting
from the process of individual decision-making. The whole process will therefore, result into an
organization settling for decisions that do not meet its set standards.
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Group decision making processes
How they aid in business decision processes
Group decision-making can improve the quality of a manager’s decision. Because the
whole process involves different individuals contributing towards a singular organizational
problem, it is possible to encompass different perspectives on the same issue thereby coming up
with a more conclusive decision as compared to one which an individual would have made. In
group decision-making, every single person participating is expected to give their view on an
issue. Tackling an issue from different perspectives gives a wholesome view of the issue at hand.
For example, one individual could give the perspective of the organization and the other
one gives the perspective of a consumer. When both perspectives are considered and integrated,
the solution is one which appeals to both stakeholders in the business. As a result, the decision
will be of higher quality compared to one which an individual would have had.
Group decision-making can be used in cross functional or cross organizational situations.
In this case, different representatives from the different departments like finance, human
resource, IT and the executive all meet to share their perspectives on a particular issue.
Following these different perspectives, a manager is able to reach a decision that fulfills the
needs of all these departments following their contributions. An organization is therefore aided in
its business decision-making through having a conclusive viewpoint for the entire organization
as a unit instead of individual departments.
In a group decision-making process, there is potential to collect more information relative
to what individual decision-making processes output. If an organization is faced with a business
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issue and it selects a committee to tackle it, every individual within the committee is tasked with
the responsibility to conduct research on a particular area.
Given the increased number of individuals, the amount of information that is collected
can be analyzed, considered and a solution made from it. Because these individuals are able to do
a lot more work, decisions coming from group are able to meet all requirements within an
organization. Because of the more in-depth research done into the issue, best strategies can be
applied to mitigate the issue wholly. Therefore, the group decision process is able to aid the
business decision making by providing the best strategy is to deal with the situation at hand.
Whereas an individual decision-making involves a person’s own views and intuition,
group members have diverse ways of thinking and perspectives. The diversity that exists in the
thinking of individuals leads to better decision-making processes for an organization. An
individual can be narrow minded and this results into narrow minded solutions that are not long
lasting.
On the other hand, when organization has a diverse committee tasked with the
responsibility of reaching a decision, these diverse contributions improve the quality of the final
decision being made. Consequently, it aids in business decision-making by providing wholesome
solutions that allows an organization meet its competitive strategy and improve return on
investments. Wholesome solutions also allow mitigation of risks to a business through total
elimination.
Group decision making process can allow an organization identify hidden talent among
its employees. When a task force is presenting their findings, it is possible to pinpoint some
talents in the process. These talents can be developed for the benefit of the organization. For
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example, if in the process of delivery, one is noted to be an effective leader, they can be
considered for promotion because of their unique leadership styles.
Also, other people with unique talents are identified in this process and this helps the
organization not only in solving its immediate business problem, but helps in equipping the
business to handle or avoid future happenings of the same. Pinpointing key resources helps the
organization develop these talents in the employees through career development opportunities
that will benefit the organization and allow it attain competitive advantage against its industry
rivals.
How they can impede business decision making
One major disadvantage of group decision making is the tendency of preserving status
quo. In a situation that Vien (2016) describes as ‘groupthink’, members of a group always tend to
make decisions that are more comfortable to them while dissenting those opinions better able to
propel the organization to its full potential. This situation is especially true in those organizations
that have a culture that does not support work ethics.
When individuals in such organizations are put in groups to make decisions, they tend to
make decisions that require less work and this compromises the ability of the organization to
make the best decisions regarding any issue. This process impedes business decision making by
implementing solutions that may be toxic to an organization or relatively less effective compared
to best strategies that would have been employed if the organization objectively tackled the
situation. In this case, the organization faces losses because of the toxic nature of group decision
making processes.
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In most cases, the outcome of group decision-making processes may not meet standards
set by the organization. A possible explanation for this is that, in a group, other individuals may
be comfortable since they do not take individual responsibility for the decisions made by the
group. These individuals will escape responsibilities and become non-participants in the whole
process. Consequently, decisions made by this group impedes business decision-making cause
the solutions are ‘half-baked’ and cannot be relied upon.
Group decision making processes impede business decision-making in situations where a
solution is needed fast. The process of meeting, brainstorming different solutions and settling on
one is time consuming. There needs to be scheduling, sending emails and actual meeting
processes. In situations where an organization has to come up with a decision fast, group
decision making process will impede the business decision-making process.
Group decision-making processes also increase chances of conflict and generation of
other challenges in the process of decision making (Black et al., 2019). Individuals do not have
conflicts with themselves, and if they do, be easily resolved. However, in a group setting, with
the different viewpoints, individuals are likely to conflict in the process of trying to apply a
solution to a given business case. Increased conflict impedes business decision-making on
several fronts. First, it may increase time required to present a solution to a given business
problem. In the process, it also increases costs for the organization, especially if such meetings
require input of organizational resources.
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RQ 2: Newest Directions and developments in the process of Strategic Development and
Execution
In the past decade, there has been a lot of tremendous development in the fields of
information technology and its application in business as a discipline. Various organizations are
using information technology to acquire competitive advantages and increase their market share.
Because of endless possibilities of technology and connectivity through increased globalization,
businesses are able to meet their potential and grow even further. For example, the technological
advancements in the contemporary world have resulted in massive changes and improvements in
the logistics industry.
In the past, shipping products from one nation to another was hectic because of the delays
and uncertainties that marred the sector. The scarcity of the services also made them expensive,
thus shying off many potential importers and exporters. On the contrary, things have changed in
the present day as easily proven by companies like Amazon that ships millions of products daily.
Such successes are due to the massive advancements in information technology that have paved
way for incredible software and services that allow for easier tracking and monitoring of shipped
products. These successes in the logistics industries are a reflection of what information
technology has done in society, with every industry benefitting.
However, with this development comes the acceleration of consumer changing needs,
increased financial prices, languishing market recovery and the increase in influx of fierce new
entrants in different business industries. The best example is from the logistics industry
mentioned above. With easier systems now introduced where shipping has become easier and
affordable, players have also increased.
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The demand for shipping services has increased significantly across the globe. Similarly,
many companies have also invested in the industry to provide the needed services, thus
increasing competition in the sector. Again, this situation reflects what goes on in other
industries. Because of the revolutionary changes that have been brought by information
technology application to business, most of the theories of management taught in business
schools are not applicable anymore.
Management experts are trying to create new frameworks of management to help leaders
in succeeding in strategy management and execution during these unusual times. Last year, with
the onset of COVID-19 pandemic, migration to a digital world increased because of its increased
efficiency in delivering services despite quarantine.
Project Economy
Strategic management describes a situation where organizations plan strategies that they
need to generate positive outcomes for the organizations normally measured through key
performance indicators like return on investments. One particular trend in the process of strategy
development is known as project economy (Nieto-Rodriguez, 2020). As initially stated, many
organizations have been disrupted by information technology systems like robotics, artificial
intelligence, big data, Internet of Things, blockchain and shared economy.
Since time immemorial, organizational structures have been laid down in hierarchical
form with most of the decisions being made at the top and being trickled to the bottom.
However, these new disruptions mandate for an overhaul in the system. Initially, power and
budgets, and resource allocation were done by the executive arm or any organization and then
distributed to the different silos within the organization.
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In this kind of system, the management rarely focused on project development. However,
most of the management functionalities that were relied upon before information technology was
introduced in the business arena are now becoming obsolete. For example, today, many
companies are using robotics and software for planning and management to execute most of their
business processes. It only leaves organizations with a chance to focus on project management.
Project management is now becoming an essential part of any organization that needs to
survive these unusual times. Project economy is therefore, one of these trends in strategic
development processes where, organizations continually engage in processes that see their
competitive advantage using project management skills. Project economy helps organizations
continually improve their internal and external processes and optimize existing processes to fit
the ever-changing consumer needs.
Stakeholder Theory
Another trend in strategy development is the stakeholder theory. Developments in
business have outlined the importance of stakeholders to a business. This has led to the
stakeholder theory that mandates that management focuses on the importance of stakeholders,
identifies them and fulfills their needs. More specifically, the stakeholder theory enables
organizations to identify stakeholders that are important to the success of the organization and
focus on meeting their unique needs.
In any organization, most of their stakeholders include customers, suppliers, the
communities, employees, shareholders and managers. Each of these stakeholders have unique
needs that need to be fulfilled in order for the business to meet its overall objectives. Stakeholder
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theory helps in ensuring that all of these stakeholders have been included in the process of
decision-making and management.
Managers are therefore, according to this theory, agents that act in the interests of
stakeholders to meet their needs (Houston, 2020). The stakeholder theory has become successful
in ensuring that during the process of strategy development, all the different stakeholders within
an organization have been identified, their relative importance marked out and their needs
fulfilled before execution of such strategies. With such thoughts in place during the execution of
strategies, organizations are able to meet their business goals of profitability.
Artificial Intelligence and Big Data Analytics
As initially stated, information technology has disrupted the way business is being done.
However, businesses are learning to leverage the importance of information technology and its
advantages to meet their unique goals. In strategy execution for example, many businesses are
now utilizing information technology software to effectively manage change, forecast and
distribute their strategies to different stakeholders within and without the organization.
One particular technology that has proven to be useful is the employment of artificial
intelligence in project-based work (Arlington, 2019). Artificial intelligence uses machine
learning capabilities for repeatability purposes. Instead of resisting the capabilities of artificial
intelligence, organizations are now focusing on integrating the human capabilities of computers
to enable them carry out repeated processes more efficiently.
In project-based work, using artificial intelligence helps organizations to optimize
processes and cut down costs or related work. Because of their repeatability and accuracy of
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artificial intelligence, many activities that would normally create disturbances due to human
error and other miscalculations are now being optimized. It is especially true that most
manufacturing companies are using artificial intelligence to repeat optimized processes and thus
enhance their productivity.
Big data is also being leveraged in project-based work. Big data analytics helps
organizations to analyze consumer data and forecast trends within short or long periods. Using
big data analytics, organizations are able to develop strategies that fulfill consumer needs,
understand the different demographic needs and apply appropriate elements of the marketing mix
to their strategies thereby allowing them to meet competitive advantages.
Together, both artificial intelligence and big data analytics help in project-based work
within an organization allowing them to meet competitive advantages. For example, marketing
agencies now use a combination of artificial intelligence and big data to identify dominant
populations within an area like a stadium, and then provide relevant advertisements to these
populations. With such kind of technology in place, organizations are able to improve on their
profitability and allow for survival within their various industries in the long term. Sustainability
of organizations through implementation of information technology systems in strategy
execution helps ensure that competitive strategies have been effectively employed and run to
completion.
Renewed Corporate Responsibility
Last year, most brick-and-mortar business, together with all organizations in the business
world were affected by the COVID-19 pandemic in one way or another. In all of these situations,
there was a renewed concern by different stakeholders on how organizations behave ethically.
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There are renewed concerns on the corporate social responsibility of organizations, and their
ethical standings. More specifically, people want to understand how organizations treat their
employees, communities and consumers. There are organizations that have values statement but
do not follow them. this period provided a unique time for people to scrutinize how organizations
follow up on their values statement practically.
One of the issues that has been followed up closely by stakeholders of the organization is
the social and climate justice (Align, 2021). In the past decade, there have been growing
concerns on the global warming wicked problem. Industrialization and technology have been on
the frontline to receive blame for this disastrous course. However, there have also been
developments into this issue, with other organizations providing solutions to climate change
issues while still keeping current business operations. One way is through clean energy, an issue
that has been emphasized on. Organizations are being urged to use renewable sources of energy
while still reducing dependance on nonrenewable sources.
Also, organizations have been commended for using biodegradable or recyclable
packaging materials for distributions. Another challenge has been greenhouse effect brought
about by global warming. The main cause of this phenomenon is fossil fuel use. Organizations
rely on fossil fuels on several fronts including distributions and operations. Organizations need to
commit to reducing their carbon footprint in the supply chain systems of their operations. This is
known as decarbonizing the economy, and has been a great deal to consumers (The Strategy
Institute, 2020).
Because of the continued use of social media by consumers, there is a lot of pressure
through social media campaigns on issues of corporate social responsibility. These campaigns
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put pressure on lawmakers to pass policies that favor ethical standings of organizations. Because
of the pressure social media is placing on lawmakers, and ultimately affecting organizational
strategies, it is important to consider corporate responsibility, focusing on these new demands by
consumers and other stakeholders.
Aside from the climate justice, the way organizations treat their internal operations and
employees also speaks a lot about its morals. Nowadays, it is important for all organizations to
consider values such as diversity, equity and inclusion within all their strategies. These values
speak much about the organization’s commitment to reduce institutional discriminatory
practices. Consumers keep a close eye to determine those organizations that still discriminate
employees on basis of minority affiliations. Organizations have to consider these practices in the
processes of recruitment, employment, promotions, rewarding and other issues within its
operations.
Because of the renewed focus on corporate responsibility of organizations, it has become
a trend in strategy development, especially in planning processes. Organizations have to place all
the demands of its stakeholders at the center of its strategies. Corporate responsibility should be a
critical strategic priority for all organizations trying to remain in business.
Further Digitalization
Organizations have to consider further digitalization as a strategy central to all their
operations (Kraaijenbrink, 2021). The past year has proven that organizations should not only
depend on their physical operations, but also on the digital economy. With the quarantines
enforced in many countries, only those organizations with a digital strategy were able to continue
their operations. Others had to quickly adapt to these systems. A key lesson that was derived
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from this experience is that organizations need to diversify their operations to accommodate
online operations.
Key trends on business strategic planning and execution processes are dependence on
technology. Some trends like remote working options for employees have to be considered for
organizations to constitute their operations if they are to survive any disruptions. Digitalization
will also help organizations through e-commerce options of selling to consumers in case of
interruptions. Going on the digital platform also increases organizations’ market share thus
ensuring they have increased returns on investment.
Digitalization of systems through software such as human resource software and other
key software will help organizations optimize their processes in strategy execution. Collection
and analysis of data has become easier with application of technology to business processes.
With further digitalization at the core of business operations, they are able to reach business
goals and maintain competitive advantages for a foreseeable future.
RQ3. Impact of Academic Discipline on Business Strategy development and execution
From the review on the two research questions discussed above, strategy development
and execution are necessary for growth in any industry. Firms operating in same fields have
equal opportunities and challenges that they must exploit and overcome, respectively, to gain a
competitive advantage over their rivals. It is only through efficient strategies that the firms can
boast of increasing its market share and improving profit margins.
For this to happen, companies must come up with effective teams that analyze market
trends and other factors that affect business operations. Yet, not every company always have the
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liberty of doing this due to various constraints like finance and lack of manpower. Such
companies would be the greatest benefactors of my academic discipline since they would be
feeding from the vast knowledge that the cognate program provides (Bhattacharyya, 2020).
However, the benefits of this discipline are not only restricted to the constrained firms but also
the well-established ones that do not mind investing widely to achieve better results. This last
section of the literature review explains the significance of my academic discipline and how it
can impact the business process of strategy development and execution.
Pursuing a doctoral program independently is one thing, while doing so as a function of
an organization is another. While doing it independently (that is, taking a doctoral program
without having any attachments to any specific organization) would still yield credible results,
being attached to an organization is ever preferable because it creates an excellent environment
for fact-finding and proofing (Bhattacharyya, 2020). In this situation, both the student and
organization enjoy maximum benefits from the cooperation and coordination.
The first benefit of a doctoral program cognate as a function of an organization is
research. One apparent factor in the present world is the advancements witnessed in different
sectors, with technology leading the flock. Any company that wants to succeed in the present day
must incorporate the developments to better their service delivery and production (Drechsler &
Weißschädel, 2018).
However, a technology that works for one company may not necessarily be efficient in
another one doing in the same industry because of many factors including the composition of
personnel and the differences in the production processes. In this case, the first necessity in any
organization is to identify the relevance of every technology and how it applies in the
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organization, and this is where a doctoral program comes in handy. Specifically, my academic
discipline would help with researching the newest technologies as they apply to the specific
functions or programs in the organization.
Secondly, my academic discipline will provide vital skills and knowledge in business
management and leadership, thus improving the processes of business strategy development and
execution. Leadership is one of the most critical determinants of any business’s success because
it determines how cooperative employees will be. Many leadership skills and structures exist that
can help an organization prosper. Yet, the choice always matters since different styles are always
more effective depending on operations and business environments.
The best thing about my academic discipline is that it provides excellent exposure and
opportunity to acquire various skills and knowledge that help in business strategy development
and execution. According to Drechsler and Weißschädel (2018), scholars, managers, and other
stakeholders are always subjected to different leadership styles, including authoritarian,
participatory, delegative, transactional, and transformational leadership styles. The authors
define each of these leadership styles and state how organizations can implement them by
showcasing their advantages and disadvantages.
However, understanding the real benefits and the most appropriate style to use requires
more than just the presented information. As initially stated, the most effective results would
come from redefining the styles and combining some where necessary while looking at the exact
situation in the organization to come up with decisions that will boost performance, regarding
strategy development and execution. In this case, my academic discipline will help to understand
when to exhibit authoritarian leadership and impose duties on the employees and when to let
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them participate in the decision-making processes. In turn, these critical choices will boost the
processes of business strategy development and execution.
My academic discipline as a function of the organization also improves the processes of
business strategy and execution by increasing creativity and innovation. Lui et al. (2020) opine
that creativity and innovation matters in any business industry because of the ever-changing
customer needs and demands. A product that satisfies the customers’ needs today may be
deemed completely off-market or surplus to requirements the following day following new
requirements by the consumers. Yet, a company must change with these changing demands
because the sole objective is always to produce goods and services that meet market demands.
The authors note that this situation is excellently explained by the fashion industry where
trends change almost daily. With these market fluctuations, it always critical for companies to
keep up the pace and this always requires high creativity and innovation. Lui et al. (2020)
explain that only the firms that manage to identify the customers’ needs early enough will
manage to earn a competitive advantage over other companies providing similar products. While
this analogy is true, my academic discipline helps to understand that that is the notion that most
organizations have. Therefore, every firm focusses on trying to attract customers by shifting
production.
As a function of an organization, my academic discipline can help to improve business
strategy development and execution processes by introducing new players. For instance, it is
apparent that creativity and innovation carries the day, regarding meeting customers’ demands.
However, some critical factors must always come into play like the target market. Through the
knowledge and skills learned from my academic discipline, a will know when to change with the
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trend, or maintain the current production, considering the circumstances surrounding the change.
In this case, my discipline also contributes to critical decision-making.
For example, the fashion industry previously mentioned is arguably the fastest changing
one, considering the durations customers take to change their tastes. However, most of the
changes always come during mega events like themed concerts or mega sports activities like the
Olympics or world cup. During this period, firms may choose to shift their attention to produce
occasion-themed products while targeting the new business opportunities that suffice. In such
situations, businesses are always oblivious of the fact that not everyone will shift with these new
trends.
Rufaidah (2017) explains that most managers always overlook the significance of the
minority and concentrate on the majority without realizing the risks involved. They state that a
single dissatisfied customer can damage the reputation of firm, causing massive losses and
reduced productivity. In this case, my academic discipline can help in making better decisions
during such circumstances. For instance, it can help companies in such an industry to develop
strategies that do not affect their production whenever these changes occur. One way that
companies can achieve this is by changing their target market.
Every industry has different groups of consumers that prefer specific products over
others. Instead of concentrating on the majority, which every other company concentrates on, a
firm can segment its products to target long-term and short-term customers, depending on the
investment and resources available. Like in the example given above, a company in the fashion
industry can choose to concentrate on the fewer individuals who are never enthusiastic about
changing with fashion, preferring uniqueness and quality instead.
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This strategy will always mean that the company works in its own terms. For instance,
unlike in the other cases where a company might be forced to start producing lighter apparels
because it is the newest trend, specializing on a given target market will allow a company to only
change when it deems necessary. Liu et al. (2020) explains that every business decision has
advantages and disadvantages, a fact that is undeniable.
It is always upon the company to conduct a risk analysis to establish the benefits it will
be deriving from a chosen strategy against the possible risks. The advantage that my academic
discipline provides is that it provides a background understanding of how to handle situations in
ways that help companies to limit the risks as they exploit the opportunities. It can help an
organization to gain a competitive advantage by focusing on the areas that others have left for
being too risky.
Finally, my academic discipline as a function of an organization helps to improve the
processes of business strategy development and execution by appreciating and promoting the
concept of teamwork and diversity. Researchers correctly affirm that globalization is one
development that cannot go unnoticed and unappreciated in the contemporary world where
companies have workers from all over the world (Weissenberger-Eibl, Almeida, & Seus, 2019).
Business operations are also moving global, meaning that sooner or later, a firm may
need to incorporate diverse cultures its operations, for those that have not yet done so. In this
case, various factors come into play, with the leading one being organization structures. Different
companies employ different organization structures, each providing different results depending
on the sector and the activities that the firm deals with. The advantage that my academic
discipline gives is that it allows for the study and understanding of all the organizational
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structures, also highlighting which type is most appropriate for which setting. In this case, the
knowledge can thus help in developing, executing and improving business strategies to adopt the
structure that would be most productive.
For example, the discipline would readily suggest a structure that supports cultural
diversity at the workplace. Cultural diversity is significant because it brings professionals with
different expertise and from different regions together. In this case, the individuals can share
their knowledge within themselves while executing their daily mandates, thus improving
business operations. One common advantage of having diverse teams is it improves creativity
and innovation.
Everyone in the company contributes knowledge and ideas from their experience, thus
coming up with better ways of operating. Decision-making processes also improves in the event.
However, Berman and Dalzell-Payne (2018) warn that diversity can always arise in conflicts and
hinder the progress within an organization. Having people who are not accommodative of other
people’s cultures may create feuds within the firm, thereby limiting cooperation and lowering
productivity. In some cases, employees may suffer stereotyping and prejudice in the
organization, lowering their morale and affecting their mental status. Such situations will always
result in disputes and underperforming employees.
Fortunately, my academic discipline offers first-hand experience of such situations,
thereby helping to create mitigative measures. The knowledge and skills gathered will help an
organization to devise specific strategies of dealing with the challenges so that both the
employees and organization can benefit from massive opportunities that diversity brings
(Berman & Dalzell-Payne, 2018). The knowledge can also help in making employees to
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understand, appreciate, and develop some interests in other cultures, thus promoting cultural
integration and teamwork within any premises.
It is evident from the discussion above that my academic discipline as a function of an
organization has massive benefits and can help to improve the processes of business strategy
development and execution. Business strategy development and execution requires current
knowledge and skills relevant to the changing environments, which is only possible through
constant research. Yet, research alone is not enough because the knowledge is accessible to
everyone, meaning that one must know how to utilize the information acquired to their
advantage.
My academic discipline comes in handy in this case because it presents experience in
different fields and helps to develop a unique way of viewing things. The business environment
is all about uniqueness of ideas because consumers will always demand special treatment. It is
thus upon the business to understand how it will derive value from available resources provide
customers with the special feeling, commodities, and services that satisfy their needs. My
academic discipline also helps to view an organization holistically and stress the significance of
every department working both independently and collectively. It provides more insight on
various aspects like leadership, organizational structure, workplace diversity, and teamwork
among others activities that play critical roles in developing and executing effective strategies. In
turn, this insight makes organizations more productive and profitable because the strategies
work.
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Conclusion
Strategic Development is key in any organization to ensure it has attained its business
goals. the process involves planning, key decision points and a final execution point that sees all
laid down plans executed to actual business processes. The process is critical to the long- and
short-term success of any business within an industry. decision-making points within the
organization can be both at individual or group levels. All of these can either impede or aid the
business decision process.
It is important that organizations understand the fundamental differences between these
two decision-making processes in order to understand where to apply them. There are also key
trends in the development and execution of strategy. These strategies, including information
technology practices, stakeholder theory and corporate responsibility are important in informing
what critical factors organizations can include in strategic development processes to meet
objectives. Finally, academic discipline can aid the process of strategic development, on various
fronts. Having the knowledge to solve problems, apply best theoretical knowledge and
conducting in-depth research can help in strategic planning and development options, and also in
execution of these strategies.
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