The potential benefits and limitations of strategic management were discussed. Confident cooks, however, know what they like and can read a recipe and know where to improvise so it meets their standards of what “success” means in a meal. The strategic management process is the full set of commitments, decisions, and actions required for a firm to achieve strategic competitiveness and earn above-average returns. It was so outside the box that it was on a completely different shelf from the rest of their competition, and it set them up for 15 years of global market domination that, for a time, seemed like it would never end. From the external transactions, Tiger gains the support of the state, has a very strong financial support and makes good use of economic forces. The choice of corporate strategy will encounter a lot of restrictions, for example, reaction of competitors, time limitation, the external environment, etc. Otherwise, reaction of competitors, time, leaders in organization are also limitations. The ultimate goal of strategy is to create value for the firm, while the role of strategy analysis is to identify and exploit the sources of this value. But it is important to keep in mind that both data and instinct can be flawed, obsolete or just plain wrong. The planning, balancing and positioning approaches to strategic management can be grouped as outward-in approaches, i.e. (Thomas, Marius, & Sven, 2006, p.68). And the competition is not only from the domestic market, but also from foreign airlines, such as Virgin Blue and Jetstar and Malaysian carrier Air Asia. Strategy and strategic management have long been viewed as the concept and process that link an organization and its competitive environment. (Michael, R, & Robert, 2009, p.6), Tiger Airways Australia was chosen as the object of study. If management lacks good instincts or fails to have the confidence to improvise, these happenstances can be detrimental, even fatal, to the company over the long haul. (“Response to the National Aviation Policy Green Paper”, n.d.,p.2). Strategic management is necessary to position the firm a way that will assure its long-term survival in a competitive environment. Tiger can bear pressure of price increasing from the raw materials and parts capacity because of the low cost to win suppliers compared with competitors. ( Marios, 2006, p.57).There factors can be discussed due to the Tiger. Using this essay writing service is legal and is not prohibited by any university/college policies. We’ll occasionally send you promo and account related emails. The development is mainly by two ways: the application of internal resources and external transactions from corporate strategy. The overall objective of any strategy is to ensure long-term survival. And the reason is that recipes are made for the general public and need to be middling, so they do not offend taste buds. Tiger can not adopt an offensive strategy as a new entrant because this is likely to lead to strong attacks by competitor. When some people cook, they read a recipe and follow it step by step, then wonder why it did not wow them. Australian market continued to be attractive for existing operators based on strong economic growth these years. The difference-maker is when companies can look at their competitors and find a way to make themselves stand out. As you can imagine, the advantage of strategic management is it creates a clear path ahead and gives the entire team a goal to work toward. Internally and externally, all sorts of things can send shocks to a company’s well-thought-out plan. 1. Tiger entered the market with lower cost than Virgin Blue and Jetstar. In an uncertain and ambiguous world, flexibility can be more important than a rigidity of strategic compass. That is what needs to happen with strategic management. It took low-cost strategy. (Thomas et al., 2006, p.71). She frequently writes for corporate clients representing Fortune 500 brands on subjects that include marketing, business, and social media trends. It can withstand a variety of unstable factors. The leaders and managers chose the low-cost strategy to attract a large number of customer groups, and they conducted industry analysis and competitive analysis (SWOT analysis) to find out the development strategic approach. Strategic management is the process determined by specific persons to establish and implement the integrated concept that has already been described.” (Philip, Roland, & Nils, 2008, p.14). The trouble with data and research, too, is that it can often be flawed or limited in all kinds of ways, especially when it reflects the market and a company’s competition. From key employees suddenly getting extremely sick, even dying, through to new government policies or even a scathing news story, there are all kinds of incidents that can impact companies. Position needs to be supplemented with other views of competitive advantage and forms of competition, with different time horizons and characteristics in order to cope with the hypercompetitive dynamics of the new competitive landscape. When a strategy becomes internalized into a corporate culture, it can lead to group think. ), organizational structure, planning processes, measurement p… Tiger conducted industry analysis, and competitive analysis, to analyze the different results in favor of enterprise development strategic approach and success. The report discussed its strategies and the potential benefits and limitations can be analyzed in such different ways. The leaders would choose strategic programs with high-yield if they are willing to risk, on the contrary, they would chose lower yield with low risk.
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