{"id":401,"date":"2019-05-06T17:07:13","date_gmt":"2019-05-06T10:07:13","guid":{"rendered":"http:\/\/bbs.binus.ac.id\/business-creation\/?p=401"},"modified":"2021-04-14T17:04:47","modified_gmt":"2021-04-14T10:04:47","slug":"advances-and-challenges-in-strategic-management-part-2","status":"publish","type":"post","link":"https:\/\/bbs.binus.ac.id\/business-creation\/2019\/05\/advances-and-challenges-in-strategic-management-part-2\/","title":{"rendered":"Advances and Challenges in Strategic Management (Part 2)"},"content":{"rendered":"

Advances in the strategy management literature (cont)<\/strong><\/p>\n

Armstrong and Green (2007) contrast performance of firms whose executive\u2019s emphasized \u201ccompetitor-oriented\u201d objectives versus performance of firms where focus was more on \u201cprofitability\u201d, showing higher profitability for those focused on this accounting criterion.<\/p>\n

Another criticism of the role of economics in strategic management research has emerged in the literature. At issue are questions whether \u201ceconomic concepts have become self-fulfilling prophesies\u201d. Grant (2007) understanding of the decision-making behavior of strategists has been aided in recent years by research in behavioral economics. As reported a decade ago, managerial biases described as \u201cisolation errors\u201d have a tendency to lead to future scenarios, which are overly optimistic, whereas the risks assigned to individual projects are frequently overly pessimistic.<\/p>\n

Grant (2007) explores, In addition to studying effects of industries and leaders on strategic performance, researchers have recognized that globalization has become an increasingly important force as borders have opened, communications costs have declined, and collaborations among loose collections of firms and individuals has been greatly facilitated (Doz et al., 2001). On the other hand, some researchers realize that much of the cost of global production, transportation and sales have continued to be treated as an externality, and thus are not reflected fully in product costs or prices (Lovins, 2004). While scholars wonder how to accurately measure the results of such operations, Kono and Clegg (2001) have noted that many managers wonder how long it will be before they will be asked or required to incorporate \u201cclean up costs\u201d in their financial statements.<\/p>\n

Grant (2007), stated that many of the rapid developments during recent years, particularly in China and India, have given rise to research activities and questions with far-reaching implications. Ricart and colleagues (2004) have summarized the status of research pertaining to international strategy, with particular emphases on the consequences of geography and the locations of various parts of different firms. The idea of \u201ceconomic clusters\u201d being important to the success of some firms and economic regions (Porter, 1990) has been applied in both international and local settings. Another piece of research aimed at integrating parts of \u201cthe big picture\u201d was developed by Stimpert and Duhaime (1997). Their empirical work joined the industry, corporate and business levels of analysis in an assessment of organizational performance.<\/p>\n

Grant (2007) suggested, The study of strategic resources and related valuations inevitably leads on to questions pertaining to the sustainability of physical ecosystems, so that domain has also been receiving increased attention by a number of researchers<\/p>\n

Grant (2007) also stated some space limitations for this review of advances in strategic management have necessarily led to the omission of many papers deserving of recognition. However, their diversities of topics and publication channels suggest the reasons for the research challenges which seem to lie ahead.<\/p>\n

Evolving research challenges<\/strong><\/p>\n

Grant (2007) argues that it can be encouraged by the advances in strategic management research during recent years, but participants in the field need to be prepared to accept the evolving requirements which lie ahead. And also stated identification of the relevant system for analysis seems to be a growing challenge as networks and clusters are connected with words, sights and sounds via the internet in largely invisible and almost costless ways. Organizations that are legal entities for accounting purposes may extend more broadly through important but informal alliance systems involving \u201cuntraded\u201d interdependencies.<\/p>\n

Another domain of research which may have increasing importance in the strategy domain involves \u201cother-regarding preferences,\u201d as opposed to \u201cself-regarding preferences\u201d upon which much existing research is based.<\/p>\n

Conclusion<\/strong><\/p>\n

In summary, there have been many advances in strategic management during recent years, but much remains to be accomplished if the field is to serve businesses and societies during the years ahead. This lead article for the series on \u201cTaking Business Seriously\u201d introduces and places in context the five more specialized articles. It also points to the critical importance of strategic management for our societies and economies, as well as for our corporations and other organizations.<\/p>\n

References:<\/strong><\/p>\n

Grant, J. H. (2007), Advances and Challenges in Strategic Management, International Journal of Business 12(1)<\/em>, 2007. ISSN: 1083-4346.<\/p>\n","protected":false},"excerpt":{"rendered":"

Advances in the strategy management literature (cont) Armstrong and Green (2007) contrast performance of firms whose executive\u2019s emphasized \u201ccompetitor-oriented\u201d objectives versus performance of firms where focus was more on \u201cprofitability\u201d, showing higher profitability for those focused on this accounting criterion. Another criticism of the role of economics in strategic management research has emerged in the […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-401","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/posts\/401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/comments?post=401"}],"version-history":[{"count":2,"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/posts\/401\/revisions"}],"predecessor-version":[{"id":403,"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/posts\/401\/revisions\/403"}],"wp:attachment":[{"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/media?parent=401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/categories?post=401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bbs.binus.ac.id\/business-creation\/wp-json\/wp\/v2\/tags?post=401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}