Strategic management Assignment Example | Topics and Well Written Essays - 2750 words

Strategic management - Assignment Example This is due to the reason that making effectual strategic decisions require reforms and modifications concerning the senior leader decision-making ways and organizational structure1. It is worth mentioning that every decision is associated with delivering certain results that reduces the current issues and challenges faced by an organization. Furtheromre, effective decision requires considerable understanding about the realities and the various environmental factors2. To be precise, in the simplest way, strategic decision-making is affiliated to decision-making process based on the strategic issues. In this regard, strategic issues generally encompass growth, events and trends that have potential impacts on organization’s strategies3. Correspondingly, there are various factors posing significant impacts on the strategic decision making process practiced within an organization. Among these, the four major influential factors include management teams characteristics, external environmental characteristics, internal organizational characteristics and decision-specific characteristics4. Strategic decisions can also be regarded as infrequent decisions taken by the senior leaders of an organization that tends to influence the performance and survival of any organization5. In other words, the inability of the senior leaders of the organization to make effective strategic decisions is also often associated with the demise of the business entity at certain instances. Correspondingly, this study intends to develop a case study of Nokia Corporation by applying and evaluating three analytical tools including the VRIN framework, the Porter’s 5 Forces model and Porter’s Generic Strategies in order to understand their contribution that can be critical to enable success of any enterprise. Nokia is a Multinational Corporation engaged in designing, developing and manufacturing a wide range