Strategic managemet practices within Construction Industry Essay

Strategic managemet practices within Construction Industry - Essay Example The changing business scenario calls for change in ways of doing business. Strategic management is one of the most vital aspects of a business firm. In order to ensure sustainable growth and development of the business firm, the transformation of the inculcated strategies have become indispensable. The spectrum of the subject of strategic management is too broad and the research scholars have often debated over the definitions and the implications of the discipline. This essay encapsulates the various schools of thoughts in the domain of strategic management and tries to integrate the literature with the real estate industry of Dubai to find out the implications. The success of any business largely depends upon the effective formulation and implementation of strategy. In the ancient times, the word ‘strategy’ was used in the battles. According to the renowned management scholar Henry Mintzberg, the complex process of strategy could be broadly classified into ten schools of thoughts. The different approaches to strategy are as follows: The Designing School – The designing school of strategy is one of the oldest schools of thought in the domain of strategy formulation and implementation. It basically takes into consideration the internal factors and the external environments of the business. SWOT analysis is one of the widely used strategy tool according to this school of thought. The basic model commences with the external and the internal appraisals and then focuses upon the strengths and the weaknesses of the organization along with the opportunities and threats of the environment. The strengths and the weaknesses yield to distinctive competitiveness while the key success factors can be arrived from the opportunities and the threats. The key success factors and the distinctive competitiveness along with managerial values and social