Abstract
The purpose of this study is to examine the viability of different strategic types operating in the same industry. The specific industry examined was the general insurance industry in Australia. The Miles & Snow (1978) strategic typology was used to identify companies that represented the defender, prospector and analyser types. A multiple case study approach was used in order to make comparisons between the companies. Surveys and interviews were conducted to acquire the information. The analysis revealed that different strategic types can successfully exist in the same industry by adopting different performance priorities, different management control systems and different approaches to external environmental issues.
Highlights
The general insurance industry has a major role in the finance sector and in particular provides security against financial losses for businesses and the general public
The purpose of this study is to examine the viability of different strategic types operating in the same industry
The analysis revealed that different strategic types can successfully exist in the same industry by adopting different performance priorities, different management control systems and different approaches to external environmental issues
Summary
The general insurance industry has a major role in the finance sector and in particular provides security against financial losses for businesses and the general public. The general insurance industry has faced many challenges because of the advent of the global financial crisis as well as major disasters such as floods and storms. Is it important to satisfy the shareholders concern for profits it is essential to have sound business practices that provide continued liquidity. Fern and Tipgos (1988) described strategic planning as the process of setting out to provide a framework for future directions of an organization for dealing with opportunities and problems and for the most efficient use of available resources. In essence a strategy provides a framework for decision making to ensure that the activities of an organization are matched to the environment in which it operates
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