See below from the discussion forum. Can you respond
Business strategy is the long-term direction of the organization (Whittingon et al., 2020). This can involve analyzing current performance and aims for the development of the organizations future achievements. This can also result from a comprehensive understanding of the mission, vision, values, and objectives of the company (Whittingon et al., 2020) and through clearly communicating them with stakeholders to achieve the desired outcomes. Therefore, the process of setting a well-planned strategy will require an integration of internal and external factors to positively influence the strategy.
The top-down strategy approach is commonly used in the business world within the public and private sectors. Even though some leaders take a collaborative approach by involving their mid-level management in strategy building sessions, the final decision sits within the C-suite. They are responsible for determining the best strategy based on the companys objectives. Todd Zenger (2014) advised that following a proper theory as a framework for the strategy is what helps top management to create an effective strategy plan. Choosing a proper theory can guide management and support in evaluating their existing strategy. For example, if an organization chooses contingency theory as a guiding framework, this can show its effectiveness if it continues to solve the companys contingencies (managing research library, n.d). Therefore, the rationality of the management is about how they can incorporate all aspects and consider different opinions and initiatives to plan a good strategy.
Do you think that larger corporations avoid mid-level management engagement in strategy development?
References
Managing Research Library (n.d.) strategy – theories of. managingresearchlibrary.org. Available at: https://managingresearchlibrary.org/glossary/strategy-theories. [Accessed on 26th January 2022].
Todd Zenger (2014 Start with a Theory, Not a Strategy. Harvard Business Review. Available at: https://hbr.org/amp/2014/06/start-with-a-theory-not-a-strategy. [Accessed on 26th January 2022].
Whittingon, R., Regnr, P., Angwin, D. Johnson, G. & Scholes, K. (2020) Exploring Strategy. 12th edition. Harlow: Pearson. Available via Vitalsource Bookshelf. [Accessed 26th January 2022].
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