MGT302 Strategic Management Assessment 2 – 30% Alternative Approaches to Strategic management Due Date: Friday week 10 A report – 2500 words – a min of 10 suitable references – follow Harvard...

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The effect of strategic planning process and strategic management towards implementing strategy of business
Name of the student
Course
Name of the professor
Date
    
MGT302 Strategic Management Assessment 2
Executive summary
It is needless to say that the strategic management holds a lot of importance for an organisation and it is highlighted excellently in this report. On the other hand, the entire assignment allowed me to research as well as discuss different strategic management approaches and then evaluated them in terms to the suggested benefits but also to identify along with explain their limitations
Table of Contents
Executive summary    2
Introduction (Background of the project)    4
Body    4
Three approaches    4
First approach toward strategic management    4
Second approach toward strategic management    7
Third approach toward strategic management    10
Concluding remarks/conclusion    14
Reference list    15
Introduction (Background of the project)
The entire report will be allowing me to research as well as discuss various strategic management approaches and then evaluating them with regard to the suggested benefits but also to identify along with explain their limitations. The company that is considered for carrying out this entire study is Toyota. This company is the Japanese multinational world famous automotive manufacturer that is headquartered in Japan. As per the latest reports till the year 2019 there are more than 3, 65,000 workers. The three pillars on which Toyota is standing are the growth, stability as well as efficiency. Furthermore, main aim of the Toyota is building a robust financial foundation. Main products of the firm includes luxury vehicles, automobiles, engines as well as commercial vehicles and the firm came into existence in the year 1937 in August 28th. Earlier Toyota was considered as the third largest automotive production in terms of the production volume that is behind Ford and General Motors. Furthermore, Toyota has enjoyed historically 40% plus market share in the Japan and the company also uses the cost leadership strategy that entitles them to minimize the cost of operations and also the selling prices. On the other hand, this company also drives its cost lower via investments in effective scale facilities, overhead control and tight cost along with the cost minimization in some of the areas.
Body
Three approaches
First approach toward strategic management
Role of strategy- The strategic plan for Toyota mainly serves as the guideline for coordinating and conducting development, marketing, research along with the all other business activities across motor industry along with it enhancing the development of exciting and new efforts. However, the long-term strategy of Toyota involves developing both regional and global cars for competing the products from all across the globe (Ansoff et al., 2018).
    Approach
    History
    Main benefits
    Limitations
    A company as an example
    Sustainable approach
    It can be said that sustainable approach is a systems approach for development and growth as well as managing produced as well social capital for the welfare of their future generations and own. The history of the sustainable approach highlights the fact that the human society’s idea should live and also meet their needs without compromising the future generations for meeting their own needs. However, the main definition with regard to the sustainable development was first developed in the year 1987 (Monden, 2019).
    The main benefits of the sustainable approach:
· Enhanced image brand and competitive advantage- The enhanced image of the brand is maintained via doing well with the help of the sustainable approach. Furthermore, practice and encouragement for conserving the resources not only enhances the image of the brand but also penetrates at the deepest level to workers, their families and beyond. The opportunity of improving the image of the brand is lost if the firm does not follow the proper instructions.
· Reducing the costs and enhancing productivity- The sustainable business practices is said to reduce the costs. Sustainable business approaches development lends itself toward the effective operation that conserves the resources and streamlining effort that improves the productivity of the workers. The efforts have greatest positive impact but it is quite costly in terms of implementing however, the long-term results are excellent that justifies the investment made by the company.
· Enhances the ability of the business for complying with the regulation- Integrating sustainable approaches into the business will position the firm for meeting the altering regulations.
· Attracting investors and workers- Individuals like to be connected with something that is positive and they never want to get connected with something that is linked with environmental disasters. A firm must show that they are respectful with regard to the environment and its workers will be attracting the caliber of the individuals whom they want to employ and the funds that is required by the needs of the business for expanding
    With some of the benefits this approach also have some of the potential disadvantages:
· Sustainable development does not comprise the conditions of the living with regards to the future individuals and nonhuman species.
· Sustainable approach also does not depend on the enhancing scarce natural resources or even it results in the huge amount of change in the climate
· As it has been already stated earlier that the sustainable approach completely depends on the newer technologies and the materials that cost more for producing
· The sustainable approach is also quite likely to shrink some of the jobs so lower quality of life is expected...