Answer To: Question 1 Explain Liedtka’s XXXXXXXXXXfive-element model of strategic thinking and its connection...
Parul answered on Oct 18 2021
Ans1 (a) Dr Jamie Liedtka, professor of business administration at University of Virginia's Darden Graduate School of Business, profoundly promotes five-element model of strategic thinking and its linkage to strategic planning (Gifford, G., 2020). Primarily the strategic intent establishes focus that offers individuals insights and skill to marshal their energy to concentrate on their goals, resist distractions and focus for as long as they aren’t satisfied or attain their goals. Essentially, Dr Liedtka decipher the secret to any winning strategy is all about setting an overarching goal as well as making the goal as focus and centre of attention. Dr Liedtka explains the concept of five-element model of strategic thinking with below diagram. The figure shown below explains the five elements that are essential for strategically thinking.
First Element - Intent focused
By the virtue of this element, Dr Liedtka draws the attention towards the power of mindset and goal setting. Inclination toward strategic intent offers focus which promotes self-motivation to achieve at goals. The most powerful words we hear are the stories that we tell to ourselves. People with growth mindset believe intelligence can be developed (Gifford, G., 2020). This leads to desire to change for the better and learning aspirations, therefore instead of avoiding challenges they can embrace them. People with growth mindset can persist in the face of obstacles and see effort as a part of mastery. Such people accept constructive criticism and use them to their advantage. Lastly, they feel inspired by others and learn from their success. As a result, they fulfil their ultimate potential.
Second Element - Perspective of Systems
Considering the entirety of the practices of a framework in general with regards to its current circumstance is the system's viewpoint. While the idea of system itself is a broader thought that shows division of part of the universe from the rest, the possibility of a system point of view is to utilize a non-reductionist way to deal with the errand of depicting the properties of the framework itself. In the system point of view, whenever one has distinguished the system as a different aspect of the universe, one isn't permitted to continuously decay the system into separated parts. Rather, one is committed to depict the system in general. In the event that one uses partition into parts, as a major aspect of the portrayal of the system properties, this is just aspect of a total depiction of the conduct of the entire, which must incorporate a portrayal of the connections between these parts and any extra data expected to portray the conduct of the whole system (Gifford, G., 2020).
Third Element - Future Oriented: Actions taken with future in mind
Dr Liedtka explains an eternal aspect of working strategically is taking actions with end in the mind. Comprehending the future can be best understood by keeping the lessons learnt from past channelising energy to achieve the future as desired (Gifford, G., 2020). When one act strategically, one will always connect the past with that to present to make the best opportune of future. Focus needs to be on focus while one mindfully acts in present.
Fourth Element Intelligent Opportunism
Essentially by this element, Dr Liedtka connects to the popular framework SWOT with individual situational analysis. This framework is a strong strategically tool that is able to comprehend area of strength, weaker aspects, tap new opportunities area and work on aspect that can highlight threat. One needs to comprehend the fact by the virtue of this framework one is able to work keeping dynamisms of future.
Fifth Element- Hypothesis Driven
Dr. Liedtka strongly professes strategic thinking mirrors the scientific methods that is both critical as well as creative in every aspect. One can create hypothesis by asking questions like "If then" or "What if" questions can empower is to imagine different scenarios and analyse best way forward based on the insights and information gauged.
Ans 1(b) Resource based view (RBV) exemplifies a model that comprehends resources as important resources that can enable superior performance and productivity. If an organisation is analysed by RBV framework then their resources that can provide competitive advantage to the organisation. The assumptions of Resource Based View proposed by Barney J, is that organisation requires to look inside the company in order to provide opportunities to develop strong competitive advantage which is difficult to imitate by the competitors and help the organisation to generate immense revenue (Aragón-Correa and Sharma, 2003).
As indicated by RBV advocates, it is considerably more plausible to abuse outside circumstances utilizing existing assets in another manner instead of attempting to procure new abilities for each unique chance (Aragón-Correa and Sharma, 2003). In RBV model, assets are given the significant part in helping organizations to accomplish higher hierarchical execution. There are two sorts of assets: unmistakable and impalpable.
Substantial resources are physical things. Land, structures, apparatus, hardware and capital – every one of these benefits are unmistakable. Physical assets can undoubtedly be purchased in the market so they present little favourable position to the organizations over the long haul since adversaries can before long obtain the indistinguishable resources (Barney, 1991).
Impalpable resources are everything else that has no physical presence except for can in any case be...