STRATEGIC MANAGEMENT

Prescriptive & Emergent Strategies



Prescriptive & Emergent Strategies

Introduction

Strategies are set of plans that are developed by an enterprise and decisions are made to accomplish their objectives and goals. Every business enterprise has their objectives and goals that they aim to accomplish in the short and the long run in order to earn high profit margin and for long term survival of the company. The question is not if a firm is for profit or not for profit but essential part is that all firms have their own set of plans which they called strategic plan. The strategic plans are made by enterprises that count for a vision, mission, goals and objectives. A vision of a company basically tells where an enterprise wants to see itself in the long run and for attaining that managers are required to prepare some missions that identifies the time period as when those targeted objectives will be achieved so as to make the vision come true. All these set goals and objectives are required to be realistic and practical (Thompson, Strickland, 1998, p.15). Strategic Management is entirely a complicated web representing old and new schools of thoughts and theorists, and they have given their own perspectives thus exhibiting a tense array of discrepancy. However, there are some significant theorists frequently publish countering others argument on a basis of tit for tat for instance, Ansoff and Mintzberg. Consequently, it is intrinsically complicated to appraise one of the strategic planning methods without having acknowledged the alternatives that are available. However, the topic which gains the paper's attention is prescriptive strategy and emergent strategy that goes head to head competing in several battles in the strategic business world. But, it is yet to be determined that which strategy will fit in the current economic climate or business cycle thus still making profit to the firm (Allen, 2012, p.1). The essay will study both the researches in context of different retailers that failed to survive in the economic condition of last two years and at the same time evaluating other alternative strategy.

The Current Climate

As far as the analysis of current economic conditions are done, we find much turbulence and the key factor to be considered while forming or planning any strategy of a firm or even a retail outlet the managers must study an external environment and current situation in terms of economic and financial matters prevailing in an industry. However, United Kingdom has passed the recessionary period and is out of the trough of business economic cycle (Allen, 2012, p.1). The official of National Statistics have given economic figures that in a month there can be an appearance of discouraging economics statistics resulting into a danger sign. But at the same time they give hopes that while such turbulence periods there are probability of stability. While interpreting the rates of interest, the 0.5% interest rate for constant three years with very little fluctuations might give hope to the economy of United Kingdom which will be further fostered to ...