Strategic leadership in a changing world - Essay Example

In this regard, while the classical approach to strategic management remains a highly relevant issue, it is through aligning the goals and vision of the business with the changes in the competition, market, and global society that the company is able to truly thrive in its industry. In this light, I wish to divide my discussion into four basic parts. The first part will be devoted for a short review on the unchanging relevance of formulating business strategy. To further deepen the discussion, I intend to infuse Michael Porter’s lectures on competitive advantage and its role in ensuring a strong positioning in the industry.

The second part will widen the definitions of business strategy by introducing the concepts of internal and external stakeholders; of current, competitive, and emerging markets; and of cultural and socio-political environments. The last part will then focus on the individual understanding of the two authors on the need for an innovative and creative workforce. This part, specifically, will bolster on: (1) the role of inspiring and highly-motivating leaders; and (2) the concept of effective communication as the fuel for big changes in the company.

Business strategy is often defined and discussed by scholars and industry practitioners today as the result of strategic management. As Gregory et. al. (2005) defined it “strategic management consists of the analysis, decisions, and actions an organization undertakes in order to create and sustain competitive advantages”. Through this definition, we are able to highlight the two crucial concepts in strategic management. The first banks on the process of analyzing the company’s values, mission, and vision; of leaders creating strategic decisions on its overarching business goals based on an in-depth understanding of its internal structure and a holistic view of the industry where it participates in; and of specific