Literature Review 1
Literature Review
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Literature Review 2
Abstract
Individual and group decision processes and decisions, the strategy development and execution
process, and individual qualifications are critical to success in strategy development and
execution. Effective individual and group decision processes help individuals and groups often
make effective organizational decisions. Effective decision processes help ensure that individual
and group strategy development and execution decisions are beneficial to organizations. New
best practices in strategic management often arise due to the findings of reliable studies or
lessons learned from practicing strategic management. The two newest directions in strategy
development and execution are incorporating ethics and corporate sustainability in the process.
New directions in the strategy development and execution process are aimed at enhancing the
process. Academic qualifications are among the qualifications that can lead to success in strategy
development and execution. My academic discipline has imparted critical knowledge to me that
would positively influence my strategy development and execution performance.
Literature Review 3
Table of Contents
Introduction ................................................................................................................................4
Individual and Group Decision Processes and decision-making ...................................................4
Individual Decision Processes..................................................................................................6
Group Decision Processes........................................................................................................8
Enhancement of Business Decision-Making .......................................................................... 10
Impediment to Business Decision-Making ............................................................................. 12
Newest Directions in the Strategy Development and Execution Process .................................... 13
Strategy Development and Execution .................................................................................... 14
Strategy Development and Execution Process ........................................................................ 15
Newest Directions in the Process ........................................................................................... 19
Importance of Investigating and Evaluating New Directions .................................................. 22
My Academic Discipline and Business Strategy Development and Execution ........................... 22
My Academic Discipline ....................................................................................................... 24
Influence on Strategy Development and Execution ................................................................ 29
Conclusion ................................................................................................................................ 30
References ................................................................................................................................ 32
Literature Review 4
Introduction
One of the most debated strategic management issues is how firms create strategies
(Ridwan, 2019). One clear thing is that individual and group decision processes and decisions,
the strategy development and execution process, and individual qualifications are critical to
success in strategy development and execution. Individuals working in an organization use
different decision processes to help make decisions to help organizations achieve desired goals.
Groups, which are made up of individuals, use group decision processes to help firms achieve
desired goals. A critical question that needs to be answered is how individual and group decision
processes aid or impede business decision making. The strategy development and execution
process is a step-by-step process that is aimed at facilitating effective strategy development and
execution. The process is not static. A critical question regarding the process is the newest
directions in the strategy development and execution process. Due to the vital importance of
individual decisions on strategy development and execution, Individual decision-makers have to
be adequately educated, trained, and experienced to make the best decisions. Another critical
question that needs answering is how my academic discipline impacts business strategy
development and execution.
Individual and Group Decision Processes and decision-making
Organizations decide through individuals and groups. The individuals and groups utilize
various decision processes to guide decision-making and arrive at optimal or near-optimal
decisions. According to Stefanov et al. (2019), decision processes refer to the procedures that
people follow to maximize the likelihood of making the right choices. Thus, individual and
group decision processes are critical to effective business decision-making. The right decision
processes increase the likelihood of individuals and groups, making decisions that help advance
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organizations (Stefanov et al., 2019). However, the utilization of the wrong decision processes
would lead to decisions that hamper the chance of organizational success. Decision processes
often recommend simple steps that individuals and groups can follow in making choices
(Stefanov et al., 2019). The standard decision-making process is an example of a simple decision
process that individuals and groups can easily utilize to guide decision-making. Individuals and
groups utilizing the decision-making process need to simply follow the steps recommended in
the decision process.
There are, however, complex decision processes that require advanced training, practice,
and experience to utilize effectively in decision-making. An example of a complex decision
process is the Markov decision process (Steimle & Denton, 2017). According to Steimle and
Denton (2017), the Markov decision process involves utilizing a mathematical framework to
model decision problems. The Markov process is critical in decision-making in situations where
the outcomes of decisions are partly under the control of a decision-maker and partly random
(Steimle & Denton, 2017). Some of the fields where the decision process is often utilized are
manufacturing, economics, and automatic control (Steimle & Denton, 2017).
Another complex decision process that requires advanced training, practice, and
experience to utilize successfully is the decision table process (Stecuła & Chikhradze, 2018). The
process involves utilizing tables to visually represent specific actions to be taken respective to
given conditions (Stecuła & Chikhradze, 2018). Stecuła and Chikhradze (2018) observe that
decision tables help select decisions that fulfill most, if not all, decision-making conditions.
Experts working alone or in groups can utilize the complex decision process to inform
organizational decision-making. The computerization of such decision-making has helped ease
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the use of complex decision processes. However, Individual and group decision-makers need
training on using the software that implements complex decision processes.
Strategic management involves making decisions that are critical to the future success of
an organization (Gamble et al., 2019). It is quite difficult to predict the future. It is also quite
difficult to make decisions that will be highly relevant in the future. The difficulties regarding
predicting the future and making relevant future decisions complicate strategic management
decision-making. Individuals and groups involved in strategic management need to use effective
decision processes to make the right strategic management decisions. One of the best ways to get
Individuals and groups involved in strategic management to use effective decision processes is to
train them on the various decision processes available, how to use the decision processes, and the
contexts in which to utilize different decision processes (Stefanov et al., 2019). Adequate
training helps individual members of strategic management teams to craft and present well-
thought-out decisions in strategic management teams. The training also helps the teams to
evaluate the decision alternatives suggested by individual members effectively.
Individual Decision Processes
Individual decision-making regards one person arriving at a decision without having to
agree with another person regarding the acceptability or otherwise of the decision (Mukherjee et
al., 2016). The individual is free to consult with other individuals and groups regarding the
decision issue (Mukherjee et al., 2016). However, there is no requirement for the individual to
agree with other individuals or groups in the decision option to adopt after the deliberation
process is over (Mukherjee et al., 2016). The individual is free to select and implement or
propose the decision alternative that they deem desirable.
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Individuals can utilize different decision processes that do not necessarily require
agreement with other parties in their deliberation and decision-making processes. An example of
a decision process open to individuals is the standard Decision-making process (Marzuki, 2015).
According to Marzuki (2015), the process includes identifying an issue, information gathering,
information analysis, evaluation of alternatives, and choosing the desired option. The simple
decision process incorporates best practices that will help maximize the likelihood of making the
right decision. A member of a strategic management team utilizing the particular decision
process and seeking to make the best decision regarding a strategic management issue will need
to clearly define the particular issue, collect the data and information necessary to understand the
problem and inform decision alternatives, effectively analyze the information, examine all the
alternatives, and choose the best strategic management decision. The standard decision-making
process is widely accepted and utilized in strategic management (Negulescu & Doval, 2014).
The wide acceptance and usage are due to its track record of delivering desirable decision-
making outcomes.
The hierarchical decision-making process is another example of an individual decision
process (Tsolakis et al., 2014). In the hierarchical method, decisions are made based on one's
formal process of authority (Tsolakis et al., 2014). For example, the Chief Executive Officer
(CEO) has the authority to decide on a firm's strategic direction without the necessity of agreeing
with other parties within the organization. However, the CEO is free to consult with other parties
in the deliberation process to improve the likelihood of making the right decisions. Consensus is
not needed in making the final decisions. The hierarchical decision process is quite common in
the day-to-day running of organizations (Tsolakis et al., 2014). The decision process is also
applicable to strategic planning and strategic management. High-ranking members in strategic
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planning and management teams can decide on the strategies that organizations should adopt
without the need to agree with other members of the teams. Individuals can also use complex
decision processes like the Markov decision process and decision tables if they are
knowledgeable regarding the same.
Group Decision Processes
Group decision-making concerns two or more individuals deliberating on issues and
seeking agreement, unity, and harmony on the course of action to take regarding the issues
(Mukherjee et al., 2016). Agreement, unity, and harmony are essential to group decision-making.
Without such, a decision cannot be made (Mukherjee et al., 2016). The demand for agreement,
unity, or harmony is quite difficult to fulfill as people often disagree on different issues. Group
decision processes often include mechanisms of arriving at an agreement, unity, or harmony on
different decision-making problems. There are two key ways that members of a group can arrive
at decisions. The two ways are voting and consensus-building (Pérez et al., 2018). Some group
decision processes are based on the different methods of arriving at decisions.
An example of a group decision process is the majority decision-making process (Pérez
et al., 2018). The decision process is based on the voting method of arriving at conclusions
(Pérez et al., 2018). Members of a group put different alternative decisions that can be made on
an issue and vote for the best decision (Pérez et al., 2018). The voting helps find agreement and
unity regarding the decision to make. Voting helps avoid blockage in progress due to the lack of
consensus on the decision alternative to adopt. Although useful in overcoming deadlocks in
decision-making within groups, the majority decision-making process can fail to deliver the best
decisions (Pérez et al., 2018). Failure is due to the fact that members of the group can vote for
sub-optimal decisions (Pérez et al., 2018). Voting for sub-optimal decisions can lead to strategic
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management problems and failure. The challenge of selecting the least desirable decisions can be
minimized by clearly describing all decision alternatives and defending the best alternatives
effectively.
Another group decision process is the consensus decision-making process (Pérez et al.,
2018). The specific process involves members of the group working hard to arrive at a decision
that considers each member’s concerns (Pérez et al., 2018). In consensual decision-making, the
group makes decisions as a whole (Pérez et al., 2018). The consensus decision-making process
can help avoid the problem of selecting the wrong decisions that affect the majority decision-
making process as the concerns of each member of the decision-making group are considered in
the selection of the desired alternative. A serious problem that faces the consensus decision-
making process is the particular decision process is the difficulty in getting consensus in groups
of people (Pérez et al., 2018). Differences may be quite significant that consensus-building
becomes impossible. The failure to get consensus on an issue would lead to a deadlock in
decision-making (Pérez et al., 2018). Despite the challenge, the consensus decision-making
process can be quite useful in making crucial strategic direction and strategy decisions.
The standard decision-making process is also quite useful in group decision-making.
Members of strategic management groups can use the standard decision-making process
collectively to define problems, collect necessary data and information, analyze the data and
information, examine all available alternatives, and make the best strategic management decision
(Negulescu & Doval, 2014). The decision process is used in conjunction with other group
decision processes. When used together with the majority decision-making process or consensus
decision-making process, the group processes would help in examining alternatives and selective
the best alternative. Groups can also use complex processes like the Markov decision process
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and decision tables to test the best decision. One or several members of the group who are
experienced in the use of such complex decision processes can guide the entire group in utilizing
the same.
Enhancement of Business Decision-Making
Decision-making at both the individual and group levels can help enhance business
decision-making if done well (Mukherjee et al., 2016). Effective individual decision processes
help individuals make effective decisions quite often, which helps ensure that individual strategy
development and execution decisions are beneficial to organizations (Pérez et al., 2018).
Selection of the best decision processes for different decision problems is also crucial to success.
For example, the decision table process is quite effective in decision problems where there are
various conditions that need to be fulfilled (Stecuła & Chikhradze, 2018). Using a decision
process that is effective in a context where the particular process does not apply well can lead to
poor decision-making.
According to Mukherjee et al. (2016), there are a few ways in which individual decision
processes enhance organizational decision-making. One way is through improving individuals’
decision-making outcomes (Mukherjee et al., 2016). Following decision processes like the
standard decision-making process helps define a problem properly and analyze critical
information and decision alternatives effectively. The steps in the model help individuals make
better decisions. Since individuals make numerous important decisions on behalf of
organizations, better decision-making due to the use of decision processes help enhance
organizational decision-making. Better decisions improve the chances of organizational success
(Mukherjee et al., 2016).
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Another way in which individual decision processes enhance organizational decision-
making is through improving an individual's decision-making abilities (Mukherjee et al., 2016).
The successful utilization of decision processes helps an individual learn best practices in
decision-making. The knowledge regarding the best practices positively influences future
individual decision-making. The positive influence leads to positive effects on organizational
decision-making. Individual decision-making has several advantages compared to group
decision-making. The several advantages are urgency and saving money and energy (Pérez et al.,
2018). Effective individual decision processes help improve individual decision-making and
confer organizations the several advantages of individual decision-making.
Effective group decision processes help groups make better decisions. Better group
decision-making help enhance business decision-making (Pérez et al., 2018). Enhancement in
business decision-making helps increase the likelihood of business success (Pérez et al., 2018).
Another way in which group decision processes help enhance business decision-making is by
imparting group members with best practices in decision-making. Group decision processes like
the structured decision-making process, majority decision-making, and consensus decision-
making help group members learn the steps to take to make ad agree on decisions. Strategic
management groups can reap the benefits of group decision processes by learning how to
effectively utilize useful decision processes.
Group decision-making presents businesses with several advantages compared to
individual decision-making. One advantage is the gathering of a lot of data and information in
the decision-making process (Mukherjee et al., 2016). There are more people in groups to be
engaged in data and information collection (Mukherjee et al., 2016). The more the data and
information gathered in the decision-making process, the higher the chances of better
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understanding a decision problem, exploring all alternative solutions in-depth and settling on the
best decision for the problem (Mukherjee et al., 2016). Another advantage of group decision-
making over individual decision-making is the effective evaluation of alternative solutions to
problems (Mukherjee et al., 2016). An individual may overlook important facts or considerations
when evaluating alternatives in the decision-making process (Mukherjee et al., 2016). However,
in a group, group members are likely to identify and consider the important factors and
considerations critical to decision selection. The benefits of effective individual and group
decision-making on business decision-making support training individuals and groups working
in an organization on effective decision processes
Impediment to Business Decision-Making
Ineffective individual and group decision processes can be a major impediment to
business decision-making (Stefanov et al., 2019; Mukherjee et al., 2016). One way in which
ineffective individual and group decision processes can be an impediment to decision-making is
delaying individual and group decision-making on an issue, lead to costly delays in business
decision-making (Pérez et al., 2018). An ineffective decision process can cause individuals and
groups to take more time to make decisions (Pérez et al., 2018). The delays can arise from the
use of decision processes that individuals or groups are not experienced in using. For example,
individuals who are not conversant with the use of the Markov decision process may take a lot
more time to use the decision process in evaluating a decision problem and making a decision.
One group decision process that can cause delays and impeded business decision-making
is the consensus decision-making process. Achieving consensus in a group of people can be a
challenging thing, especially where complex issues are involved (Pérez et al., 2018). The
consensus decision-making process aims to arrive at decisions through consensus building (Pérez
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et al., 2018). Failure in achieving consensus would lead to delays in business decision-making.
The majority decision-making process can also lead to delays in cases where there is a fifty-fifty
split on an issue. Delay in the making of time-sensitive decisions would have adverse effects on
a business.
Another impediment that ineffective individual and group decision processes can have on
business decision-making is the making of wrong decisions (Mukherjee et al., 2016). A decision
process that fails to enable decision-makers to effectively gather and analyze all relevant
information, evaluate available alternatives, and/or select the best decision is likely to result in
poor decision-making. Bhimavarapu et al. (2019) observe that poor strategy development and
execution decisions can doom an organization. The severe negative effects of ineffective
decision processes on decision-making necessitate the careful vetting of the individual and group
decision processes to use in making different decisions.
Despite the discussed impediments to business decision-making, decision processes
present businesses with significant benefits. The impediments can be overcome through training
individuals and groups on the best decision processes and the context in which the decision
processes apply. Training individuals and groups on how to select and use decision processes
would help avoid delays and making of wrong decisions due to the wrong choice of decision
processes.
Newest Directions in the Strategy Development and Execution Process
Different processes regarding strategic management can change if the need for the same
arises. New best practices in the field of strategic management often arise due to the findings of
reliable studies or lessons learned from practicing strategic management (Guerras-Martín et al.,
2014). Researchers in the field of strategic management arrive at conclusions regarding
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processes and practices in the field. Research findings give rise to the newest directions in
strategic management (Guerras-Martín et al., 2014). Some of the findings are related to the
strategy development and execution process. Organizations adopt the newest directions arising to
enhance their strategic management processes and practices. The newest directions can also arise
from practice. For example, an organization can adopt an innovative approach to strategy
development and execution. If the innovative approach leads to huge success, it will become a
new direction to strategy development and execution, and other organizations will adopt the new
direction to benefit from the same.
Firms and individuals engaged in strategy development and execution need to research
the newest directions to develop and execute strategies much more effectively. One way to
research the newest directions is through reading peer-reviewed research articles and review
articles in strategic management and strategy development and execution, in particular. Such
articles discuss some of the trends in strategic management and new practices in the field, among
other things. Another way through which firms and individuals engaged in strategy development
and execution can investigate the newest directions in the topic is through reading relevant
articles in general management magazines like the Harvard Business Review. The magazines
discuss emerging directions and business practices in the field of management. The firms and
individuals should evaluate the newest directions and adopt the ones useful directions.
Strategy Development and Execution
Strategy development involves the creation of long-term plans of action (Nickols, 2016).
The plans of action are informed by organizations’ strategic directions (Gamble et al., 2019). A
firm’s strategic direction specifies the firm’s mission, vision, and core values (Gamble et al.,
2019). Organizations develop strategies that will help achieve their missions and visions and
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which are guided by their core values. Strategy development is quite a serious task as developed
strategies, if adopted; help shape the future of an organization. Effective long-term plans of
action help organizations work towards achieving their strategic goals (Nickols, 2016). However,
ineffective plans of action derail or deny firms the opportunity of achieving their strategic goals.
Thus, caution should be taken in strategy development and selection. New directions regarding
strategy development can help enhance the process.
Strategy execution refers to implementing the long-term plans of action to achieve the
desired ends (Ridwan, 2019). Implementation of long term plans of action is a complex task.
According to Ridwan (2019), firms need the required resources to implement strategies
effectively. The scarcity of resources like funds and personnel to implement strategies is one of
the challenges that threaten effective strategy execution. (Gamble et al., 2019) Ineffective
strategy execution presents adverse effects like the wastage of resources and the failure to attain
strategic goals. Effective strategy execution is critical to strategic management success (Gamble
et al., 2019). Firms need to also investigate some of the newest directions regarding strategy
execution. Such an investigation is needed because some of the newest directions can help
overcome some strategy execution challenges and enhance strategy execution.
Strategy Development and Execution Process
The strategy development and execution process help ensure that individuals and
organizations adhere to best practices when implementing strategy development and execution.
Adherence to best practices in implementing such tasks helps maximize the chances of success.
According to Ridwan (2019), common steps in the strategy development and execution process
are the development of a strategic direction, setting objectives, creating strategies, implementing
created strategies, and monitoring and evaluating strategy implementation. The strategy
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development and execution process has been adopted by many organizations because it helps
take important factors in strategic management into account (Ridwan, 2019).
The first step in the strategy development and execution process is the adoption of a
strategic direction (Mayfield et al., 2015). According to Mayfield et al. (2015), the creation of a
strategic direction is one of is a critical step in the process. The step informs a lot of the strategic
thinking and decision-making that takes place in the strategic management process (Mayfield et
al., 2015). The strategic direction specifies the future that firms aim to deliver (Mayfield et al.,
2015). Strategic direction components, which are the mission statement and vision statement,
and core values, inform the strategic objectives to be adopted and the strategies needed to move
an organization in the adopted strategic direction (Gurley et al., 2015). For example, the mission
statement specifies the overall purpose for a firm exists (Gamble et al., 2019). From the overall
purpose, strategic managers identify specific strategic objectives to pursue. The overall purpose
and strategic objectives inform the best long-term plans of action to help achieve the
organizational mission and strategic goals (Gamble et al., 2019). The strategic direction provides
guidance to the entire strategic management process. Thus, the development of the strategic
direction should be undertaken with a lot of seriousness.
The second step, setting strategic objectives, is also critical to informing the strategic
planning team members about the things that the organization aims to achieve from strategic
management and in its operations (Gamble et al., 2019). Strategic objectives are big-picture
goals for an organization (Gamble et al., 2019). The objectives act as performance goals. They
aid firms in evaluating their performance after the completion of the strategic planning process
(Gamble et al., 2019). An example of a strategic objective that a firm can adopt is to launch three
new products in the market. If the firm has not launched three new products by the end of the
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planning period, the strategic objective would not have been achieved. Strategic objectives are
also key to informing strategies. They inform the best strategies to achieve them (Gamble et al.,
2019). In the strategic objective example of launching three new products in the market, strategic
planners create plans of actions that will help successfully launch the three new products. Failure
to create strategic objectives in the strategy development and execution process can cause serious
confusion among the strategic planning team members (Ridwan, 2019). The step should always
be undertaken in the planning process.
The fourth step in the strategy development and execution process, strategy creation, is
the stage where the actual work of creating plans of action is undertaken (Gamble et al., 2019).
There are three types of strategies that firms can develop or adopt in the strategy development
stage. The three strategies are general strategy, competitive strategy, and corporate strategy
(Pisano & Hitt, 2012). General strategies are plans of action developed to achieve certain
objectives (Pisano & Hitt, 2012). General strategies link ends with means (Pisano & Hitt, 2012).
If the end is to raise $100 million for new investment, a general strategy specifies the plans that
will be implemented to achieve the end.
Competitive strategy or business strategy specifies the way in which a business will
compete with others in the market (Gamble et al., 2019). Widely known and followed
competitive strategies are Porter’s Generic Competitive strategies. Porter observes that the
strategies that firms can undertake to gain competitive advantages are cost leadership,
differentiation, or focus (Gamble et al., 2019). Cost leadership involves charging prices that are
the most attractive to customers (Pisano & Hitt, 2012). Differentiation involves providing
customers unique products or services. Focus involves concentrating on a certain market
segment or niche (Pisano & Hitt, 2012). Competitive strategies are critical to business success.
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The third kind of strategy that firms adopt and implement to ensure survival and/or
growth is corporate strategy. Corporate strategy is the highest-ranking strategy in organizations
(Pisano & Hitt, 2012). The corporate strategy specifies the overall goals that a corporation
intends to pursue and the direction that the corporation is taking. The common corporate
strategies adopted by companies are horizontal integration, vertical integration, diversification,
and market penetration (Gamble et al., 2019). A corporation can adopt one or more corporate
strategies. Great deliberation should be undertaken in the adoption of corporate strategy as such a
strategy takes a much longer time to implement and may require significant amounts of
resources. A firm can develop three types of strategy or one or two types in the strategy
development and execution process.
The next step in the strategy development and execution process is the execution of
created and/or adopted strategies. Execution regards putting the plans into action (Gamble et al.,
2019). The execution or implementation involves the mobilization of resources necessary to the
execution and undertaking activities intended to make the strategies a reality (Gamble et al.,
2019). Strategy execution is a critical stage in the process and should be undertaken with great
commitment. Great commitment is necessary for the execution stage because it demands a
significant amount of financial resources and personnel. Critical to strategy implementation is
the determination of the individuals and groups that will execute different tasks in the execution
(Gamble et al., 2019). Assigning strategy execution duties to different individuals and groups
help divide the execution work. The assignment of duties helps in tracking implementation
progress. Duty assignment is based on individuals' and groups' roles within organizations. For
example, marketing action plans are assigned to the marketing team. Division of labor also helps
ease strategy implementation.
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The monitoring and evaluation stage in the process is critical for various reasons. One
reason why the monitoring and evaluation stage is critical is that it helps get strategy execution
back on track if the implementation is not running as planned (Kabonga, 2018). The monitoring
and evaluation help identify deviations and problems impeding the strategy execution process
(Kabonga, 2018). The identification of the deviations and problems inform the actions that need
to be taken to get the execution back to track (Kabonga, 2018). The other reason why the
monitoring and evaluation of strategy execution are critical is that it helps measure success
(Kabonga, 2018). Organizations need to evaluate whether implemented strategies are aiding
achieve their strategic objectives and moving the organization towards its intended strategic
direction.
Monitoring and evaluation involve the collection of data and information whose analysis
helps measure execution performance (Kabonga, 2018). Another reason why monitoring and
evaluation are critical in strategy development and execution is that it helps learn important
lessons (Kabonga, 2018). The data and information collected in the process help the strategic
management team learn what works, what does not work, and how to improve in the future,
among other lessons. The stage should also be undertaken with great commitment.
Newest Directions in the Process
The Review of literature regarding the changes in the strategy development and execution
process did not reveal any change in the stages in the process. There is no much questioning of
the effectiveness of the widely accepted strategy development and execution process in
delivering the desired outcome. Organizations and researchers have accepted the existing process
and recommend the same to organizations and individuals engaged in strategic management. The
process covers all the important steps to take to ensure successful strategy development and
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execution success. Despite there being no new directions that would change the strategy
development and execution process, there are some new directions that would inform practices
within the different stages in the process. Some of the newest directions are aimed at helping
improve the different steps and result in much more successful outcomes. Identified newest
directions affecting the different steps in the process are an emphasis on corporate sustainability
and a focus on ethics (Engert et al., 2016; Agarwal & Bhal, 2020). Such and other new directions
need to be investigated and executed if they add value to the strategy development and execution
process.
The incorporation of corporate sustainability new direction in the strategy development
and execution process is a significant addition to the process (Engert et al., 2016). Corporate
sustainability refers to the creation of stakeholder value through the implementation of strategies
and engaging in activities that are environmentally, socially, economically, and culturally
responsible (Engert et al., 2016). Corporate sustainability aims to ensure that a company does not
engage in activities that would harm society and future generations. Engert et al. (2016) state that
the commitment to corporate sustainability necessitates a strategic approach. Engert et al. (2016)
observe that firms that are serious about ensuring corporate sustainability incorporates the same
in strategic management. The incorporation means that corporate sustainability is influencing the
strategy development and execution process.
The new addition affects several steps in the strategy development and execution process.
One of the stages affected by the new process is strategic direction creation. An organization that
is keen on ensuring corporate sustainability could adopt include the same among its core value.
The corporate sustainability core value would guide the entire strategy development process. The
new direction also influences strategic objectives. A corporate-sustainability-related strategic
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objective would help a company achieve corporate sustainability. The strategy development
stage is also affected by the corporate sustainability direction. A firm that is committed to
corporate sustainability should develop and adopt strategies that help achieve the specific goal
and avoid creating and adopting strategies that would hinder the attainment of corporate
sustainability. Corporate sustainability is a noble goal, and the world can be improved if more
corporations were to focus on the same.
Another of the newest directions in the strategy development and execution process is the
focus on ethics. Ethics refers to the branch of knowledge concerned with right and wrong
conduct (Agarwal & Bhal, 2020). Business ethics refers to the moral principles that businesses
should adhere to in their operations. An organization can develop and execute unethical
strategies. The execution of such strategies can cause harm to different stakeholders like
consumers, the government, and society (Agarwal & Bhal, 2020). Unethical strategies can also
damage a firm's reputation among stakeholders and attract legal action. The focus on ethics in the
strategy development and execution process is to ensure that firms do not make and implement
unethical strategies that would harm some of their stakeholders.
Like corporate sustainability, ethics influence the different steps in the strategy
development and execution process. Ethics should inform the creation of the organizational
mission and vision in the strategic direction creation step. Commitment to ethics can be stated in
core values. An organization should also be guided by ethics in the strategic objectives creation
step. The guidance would help avoid the adoption of unethical strategic objectives. Commitment
to ethics should also be reiterated in strategy development to avoid developing unethical
strategies. Strategy execution and monitoring and evaluation steps can also be affected by
unethical practices. Thus, ethical behavior should also guide the two stages.
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Importance of Investigating and Evaluating New Directions
Organizations and strategic management professionals need to investigate the newest
directions in the strategy development and execution process to enhance the process. Some of the
newest directions concerning the process can significantly improve the process, which can
increase the likelihood of creating effective business strategies. For example, the directions
regarding incorporating corporate sustainability and ethics in strategy development help develop
business strategies guided by business ethics and maximize corporate sustainability.
Organizations and strategic management professionals also need to evaluate the newest
processes to avoid adopting ineffective directions. Ineffective directions would hamper strategy
development and execution.
My Academic Discipline and Business Strategy Development and Execution
The qualifications of the strategic management team members are critical to success in
strategy development and execution (Esfahani et al., 2018; Terzic-Supic et al., 2015). There are
different types of qualifications that can help make a successful strategic management specialist.
Strategic management experience is one of the qualifications that are critical to success in
strategic management (Demir et al., 2017). Work experience regards the practical skills and
understanding gained from doing a certain job for some time (Kotur & Anbazhagan, 2014).
Engaging in strategic management confers individuals with practical skills and understanding
that boost their strategic management abilities. Experience is one of the most valued
qualifications in the hiring process (Kotur & Anbazhagan, 2014). Organizations and hiring
managers opt for hiring individuals who have years of experience in a certain profession or role.
The preference for experienced individuals is due to the great value that their experience offers
organizations (Kotur & Anbazhagan, 2014). Experience is also greatly valued in the strategic
Literature Review 23
management fields. A strategic management team with highly experienced team members is
critical to positive strategic management outcomes.
The other qualification that is critical to strategic management success is an academic
qualification. Academic qualification refers to the study of a subject or discipline with an
academic discipline and research focus (Garbett, 2016). Academic qualifications are aimed at
providing learners with specialized knowledge regarding a particular subject or discipline
(Garbett, 2016). There is no necessity for the application of the acquired specialized knowledge,
although the knowledge helps enhance knowing about something is critical to doing the thing
(Garbett, 2016). According to Clifton et al. (2020), members of strategic management teams
need adequate education and strategic management training to excel in the same. Education
imparts students with many of the best practices that have helped firms create, implement, and
monitor strategies effectively. Academic qualifications in the field of strategic management
include bachelor's, masters, or doctorates in strategic management or business administration
with a major in strategic management. Although such courses have a professional focus, they
emphasize more on an academic and research focus.
There are differences between academic and professional qualifications. The difference is
that professional qualifications are aimed at ensuring that individuals are well-trained to work in
specific professions, while academic qualifications focus on academic knowledge and research
(Garbett, 2016). Professional qualifications can be gained by pursuing professional-training-
oriented degrees and master's degrees, certification courses, and short courses (Garbett, 2016).
Although the aims of the two differ, both provide individuals knowledge regarding a particular
subject. Like academic qualifications, professional qualifications can be a critical asset in the
strategy development and execution process (Garbett, 2016). Hiring managers often demand
Literature Review 24
academic and professional qualifications, among other types of qualifications in the hiring
process.
Institutions of higher learning, like universities and colleges, provide students with
academic qualifications (Garbett, 2016). Such institutions exist in nations worldwide. The vital
importance of such institutions is often emphasized in society. Members of society with college
degrees are viewed as quite valuable. The respect accorded to institutions of higher learning and
society members in society shows the value of academic qualification in society. Governments
subsidize public higher education to guarantee the supply of highly educated society members.
Education is beneficial to numerous aspects of economic, political, and social life. Academic
qualification is a key asset in business strategy development and execution.
My Academic Discipline
Currently, I am pursuing a doctorate degree in business at Liberty University. The
advanced degree imparts students with critical knowledge regarding business topics. The
advanced business degree is also research-oriented. A student has to do research regarding
different course assignments and submit a doctoral thesis to graduate. The keen academic and
research focus renders the doctorate degree I am currently pursuing an academic qualification.
Despite being an academic qualification, the course introduces students to advanced business-
related tools, techniques, practices, and methods to ensure that they become effective business
professionals. The graduate degree includes courses related to business areas such as finance,
accounting, strategic management, ethics, leadership, and corporate governance. Training in such
areas helps produce a business graduate who is conversant with all key aspects of a business. The
combination of academic and professional competencies that a student acquires from the course
qualifies one to work in either a business or academic setting.
Literature Review 25
There are several individual courses within the doctoral program that are highly relevant
to strategic management and Business Strategy Development and Execution in particular. The
courses provide a learner with the academic qualifications that can help them perform in a
strategic management role. One of the courses related to strategic management covered in the
business course is Strategic Thinking for Decision-Making – BUSI 770. The course introduces
students to the practice of strategic management. The strategic management process, which
covers strategy development and execution, is discussed in-depth in the course content and the
course text. The course provides a learner with the different types of strategies that businesses
create or adopt, like competitive and corporate strategies. Some of the best practices in strategic
management are recommended in the course. The course involves assignments that require
students to conduct research on various issues surrounding the field of strategic management and
trends in the field. The course is a huge asset to an individual wishing to take an academic or
research focus on strategic management after graduation or go into strategic management
practice.
Another strategic-management-related course in the doctoral program that I am pursuing
is the Strategic Leadership and Management course. The course focuses on leadership and
management from a strategic perspective. One of the expected learning outcomes of the course is
that a student should be able to integrate the concepts of leadership presented in this course with
faith and learning. The focus on course concepts and learning shows that the course takes more
of an academic focus. The great emphasis on research in the Strategic Leadership and
Management course is another fact that the course takes a more academic approach. Despite the
academic focus, learning about strategic leadership and management can help a strategic leader
or manager learn useful concepts, processes, and practices. The useful concepts, processes, and
Literature Review 26
practices can benefit a firm if effectively applied. Thus, the particular course can help enhance
business strategy development and execution.
The third strategic-management-related course in the program is Strategic Marketing
Management. Businesses engage in marketing to attract customers to their products and services
and recognition for their brands (Chernev, 2018). Strategic marketing is a forward-looking
approach to marketing that involves the creation of long-term plans of action that would help
organizations achieve competitive advantages over their rivals (Chernev, 2018). The course on
Strategic Marketing Management educates students on how the tools, techniques, concepts, and
processes of strategic management are applied in marketing and marketing management. The
process of strategic marketing management is similar to that of strategic management. An
organization engaging in strategic marketing management needs to create a strategic marketing
direction, strategic objectives, marketing strategies, execute the strategies, and monitor and
evaluate the implementation process to ensure success (Chernev, 2018). Marketing strategies are
part of business strategies. Thus, the course help deepen students’ knowledge regarding business
strategy development and execution.
Another strategic-management-related course in the program is Strategic Allocation of
Financial Resources. Organizations often have scarce financial resources (Maritan & Lee, 2017).
The resources have to be adequately allocated to fund all activities critical to organizational
success (Maritan & Lee, 2017). Inefficient financial resource allocation can lead to critical
activities lacking much-needed funds, which can result in business failure (Maritan & Lee,
2017). Strategic financial resources allocation refers to the provision of funds to cater to the
implementation of a firm’s strategies (Maritan & Lee, 2017). The strategic management process
involves the creation of a budget to ensure that resources are allocated towards the allocation of
Literature Review 27
adopted strategies and related activities. Strategic allocation of financial resources is a difficult
task as the scarce resources have to be divided between financing the day-to-day operations of an
organization and the funding towards the attainment of strategic goals (Maritan & Lee, 2017).
The course educates students on how to allocate available resources optimally. Although the
course takes an academic focus, the lessons learned in the same can help enhance strategic
resources allocation in the business world. Thus, it is critical to business strategy development
and execution.
Another relevant strategic-management-related course in the program is Strategic
Management and Marketing for Health Professionals. The strategic management lessons taught
in the course are applicable to health organizations. The course on Strategic Management and
Marketing for Health Professionals help inform students on how to apply strategic management
and marketing tools, techniques, concepts, and processes in the healthcare sector. Students who
take the course learn and research critical issues relating to the application of strategic
management and marketing to the health profession. Like the other courses, the particular
courses adopt a more academic focus. However, the content included in the course is relevant in
practice. A graduate who has successfully taken the course can help healthcare organizations
engage in successful strategic management and marketing. The course helps enforce strategic
management and marketing lessons learned in earlier courses. Thus, the course is also relevant to
business strategy development and execution.
The sixth strategic-management-related course in the program is Strategic Global
Leadership. The course educates students on the practice of strategic global leadership and the
benefits of the same. Currently, there are many multinational organizations. Leading a
multinational organization is a complicated task. Providing strategic global leadership to a
Literature Review 28
multinational organization is a much more challenging task. The course educates students on the
best practices and processes that are utilized in strategic global leadership. Students also learn
about the challenges that face strategic global leadership. The course also takes a much more
academic outlook on the subject. One of the expected learning outcomes is for students is that
they can research the literature on culture, leadership, and upper echelon theory regarding
leadership theory. The keen focus on research is evidence for the claim that the course is more
academically-oriented. Like the other related courses, the processes and best practices are
relevant in practice. Therefore, the course is also important to business strategy development and
execution.
Pursuing some of the strategic-management-related courses has helped me learn the vital
importance of strategic management to business success. Pursuing some of the strategic-
management-related courses has also led me to become quite confident in working in strategic
management teams. I am now quite conversant with strategic management processes and
practices, and I can make positive contributions to strategic management teams. The research
focus of the courses has empowered me regarding how to carefully investigate strategy-related
issues and enhance my understanding regarding the issues.
The doctoral program is not the only academic discipline that I have pursued that is
relevant to business strategy development and execution. Earlier academic qualifications like my
undergraduate degree are relevant to business strategy development and execution. I also learned
about strategic management practice in my undergraduate course. Like the graduate courses, the
undergraduate course also had an academic focus. The program was keen on understanding
subjects from an academic perspective. Research, which is another indication that a program
takes a more academic focus rather than a professional focus, was also critical to learning in the
Literature Review 29
undergraduate course. Therefore, my undergraduate and postgraduate education count as
academic qualifications in the workplace. Despite the academic focus, a lot that was taught in the
program was and is still relevant to business practice. The undergraduate and postgraduate
influence business strategy development and execution.
Influence on Strategy Development and Execution
Education impacts job performance (Ishola et al., 2018; Kotur & Anbazhagan, 2014).
People who are well-educated and trained on how to perform a certain job often perform well in
the job (Ishola et al., 2018; Kotur & Anbazhagan, 2014). However, people who are not educated
in the job are unlikely to perform in the same or to perform poorly (Ishola et al., 2018). The vital
importance of education in job performance is widely accepted (Kotur & Anbazhagan, 2014).
Nations worldwide have higher education systems aimed at imparting people with skills critical
to working in different jobs. Quality education is one of the goals in the United Nations
Sustainable Development Goals, established in 2015 (Sterling, 2016). Education is emphasized
by the United Nations (UN) and its member states because of its economic and development
benefits, among other things. Educated people get better-paying jobs. The jobs help them
improve their living conditions. The improvement in citizens' living conditions influences
development. Thus, education is crucial to development.
The link between a good education and good job performance means that my academic
discipline would positively impact my business strategy development and execution
performance. My academic discipline has imparted critical knowledge regarding strategic
management and strategy development and execution, in particular. In the doctorate course
alone, I have learned a lot about what there is to learn regarding strategic management, strategic
leadership, and strategic marketing management. I am well educated regarding how businesses
Literature Review 30
go about strategy development, different types of business strategies and circumstances where
the different strategies are relevant, strategic financial allocation, and challenges facing strategic
management, leadership, and marketing. Such knowledge is a great asset to businesses engaging
in strategy development and execution. I would highly likely perform well in strategy
development and execution compared to an individual who lacks the particular knowledge that I
possess. The positive impact of strategic management education on strategic management
practice emphasizes the need for organizations to educate their employees on strategic
management.
Effective education and training in strategic management help strategic managers
perform well in their jobs. Learners have to be eager to learn and work hard in their education
and training to reap the most from education and training. I have been quite eager and attentive
in strategic-management-related lessons. The eagerness and attentiveness have led me to become
better in strategic management. I can now create and implement effective strategies. The
influence of my education on strategy development and execution is quite positive. On top of
eagerness and attentiveness to learn about subjects, learners need to learn about the relevance of
the content learned in class in practice. Such learning would involve interacting with
organizations and professionals that practice subjects that students learned in class. It is my goal
to continue interacting with people who work in the strategic management profession to learn
about what is relevant in my program to practice.
Conclusion
The reviewed literature provides evidence for the claim that individuals' and groups'
decision processes and decisions, the strategy development and execution process, and individual
qualifications are critical to success in strategy development and execution. Effective individual
Literature Review 31
and group decision processes maximize the likelihood of making effective organizational
decisions. Individuals and groups need to be knowledgeable about utilizing relevant decision
processes to gain the most from the same. The newest directions in the strategy development and
execution process are the incorporation of corporate sustainability and ethics in the process.
Academic qualifications are critical to effective job performance. My academic discipline has
imparted critical knowledge to me that would positively influence my strategy development and
execution performance.
Literature Review 32
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