Explain five element strategic thinking model and the connection to strategic planning
a) Liedtka (1998) develops a five element model of strategic thinking that she connects to strategic planning. Explain this strategic thinking model and the connection to strategic planning.(8 marks)
b) Sam Walsh in Harvard Business Review explains his approach to strategic thinking during his tenure as Chief Executive Officer (CEO) of Rio Tinto Limited (Rio Tinto). What problems did Walsh (2016) inherit at Rio Tinto in his new role as CEO? How did Walsh (2016) and his executive team put Rio Tinto back on a path of sustainable corporate growth? What changes in financial policies were made? What changes were made to the investment committee? What changes were made to forecasting approaches? How did Walsh (2016) balance shareholder and stakeholder value? (12 marks)
c) While we reflect on thinking in time what are the major current environmental influences on Rio Tinto Limited? How important is China now as a market for Rio Tinto Limited iron ore? Financial markets can have a major influence on firm strategy, rewarding strong product market performance with improvements in share market valuation. What is the great risk to an organization like Rio Tinto Limited of inefficient performance and a weak share price? (7 marks)
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