Using an organisation that has been in the news in the past two years, apply and critically evaluate how each of the following theoretical concepts influences strategic management practices in that...

Assignment         6
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December 16, 2017
Introduction
Strategic management as a concept is defined as the systematic approach adopted by organizations to strategize their actions to achieve the targeted and formulated goal. Here, the nature too and extent of firm evaluation also takes part in the level of corporate and business level decision making. Strategic management is a
oader concept and includes other aspects too such as planning of the organization. Strategic management as a whole is incomplete without depicting its importance which are mainly the financial benefits which one gain out of achieving such financial goals, leaving behind any form of uncertainty, clarifying the objectives as well as directions in place, increasing the organizational effectiveness and most importantly personnel satisfaction is also achieved when the organization works in a strategic management(Strategic Management, 2017).
The organization selected is Apple Inc, which is a multinational corporation hold in the United States of America. It is also the second largest smart phone organization in the world and even the third largest technology and services organization. The main products of Apple includes IPod, IMac, IPhone and IPad. Apple has been proudly declared ad the first company to create the most successful personal computer for its users and its success leaves behind all its competitors. The Apple products have created a different league of consumers and users who are the biggest assets of the company. Strategic management or strategic formulation is defined as one that develops and corporate the missions, objectives, strategies and policies. Strategic management is given great importance in the organization and the strategy formulation is such that it can be used for the purpose of setting organization’s objectives, evaluating the organizational environment, choice of strategy, performance analysis as well as aiming with proper divisional plans too (Farfan, 2017).
Michael Porter’s five force model analysis mainly discusses competitive rivalry that forms part of significant consideration in Apple’s strategic formulation. A few has been mentioned below:
· Competitive rivalry or competition- Apple’s performance is also influenced to a great extent on this basis such as where high aggression of firms can be seen and low switch over cost to another form of competition also prevails
· Bargaining power of buyers-with so many varieties of
and available in the market, customers have numerous choices to ensure their self-consumption satisfaction.
· Bargaining power of suppliers- Apple performs relatively better than its competitors since there are somewhere less than 200 suppliers of components for this product.
· Threat of substitutes- substitutes of Apple products are readily available in the market. For instance people can use digital camera instead of iPhone to take up pictures.
· Threat of new entrants in the market- it is undoubtedly difficult to build a
and that...