...The file MGT 498 Week 5 Discussion Questions 2 Strategic Management has solution of this question: "What is the benefit of a balanced scorecard to your current organization? How can they apply this method of evaluation to your business so that they can develop the proper strategy plan? Why is having a balanced scorecard important? Describe the areas within your organization that could use this method of evaluation." Business - Management Week One Strategic Overview, Ethics, and Legal Environment · Indicate why a strategic management process is needed. · Describe the primary components of the strategic management process. · Explain the relationship of ethics, social responsibility, and corporate performance in strategic planning. Course Assignments 1. Readings · Read Ch. 1 of Concepts in Strategic Management and Business Policy . · Read Ch. 2 of Concepts in Strategic Management and Business Policy . · Read Ch. 3 of Concepts in Strategic Management and Business Policy . · Read this week’s Electronic Reserve Readings. 2. Discussion Questions Respond to the Discussion Questions posted by your instructor. Post your responses in the Main forum. The first two are due by Thursday, Day 3, and the balance is due by Saturday, Day 5. Post your responses in the Main forum. 3. Individual Assignment: Strategic Management Process Paper · Write a 350- to 500-word paper in which you...
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...Strategic Management Process Paper Celia Smith-McGee MGT/498 July 9, 2014 Koshy Joseph-Vaidyan Strategic Management Process Paper Strategic management is a word often used in business, but misunderstood by many. Strategies are the steps a company takes to increase its resources and to help the business grow. Financial planning and focusing on a mission statement are both parts of the process. Operating the business on a day to day basis and future planning is the management part. It’s the implementation and formulation of the strategy. Borders became one of in the largest retailers in the world; they changed the way book companies sold books. They went from 1300 stores and 35000 employees, to 674 stores and 19500 employees after declaring bankruptcy. Ineffective strategies were the cause of its downfall. The way customers did their buying, and what they were buying changed. Digital technology, electronic books, and devices to read them on became very popular. Border simply didn’t adjust quickly or effectively to the market change. One of Border’s early mistakes was to develop an agreement with Amazon to handle its internet sales instead of establishing its own web presence. Borders invested heavily to enhance the marketing for traditional book selling. Instability among top executives also was harmful to the company. As a result of poor strategic decisions and ineffective strategic leadership, borders suffered. The company recorded losses of 350 million in 2008...
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...Strategic Management Process Paper Kenneth Worley MGT/498 February 19, 2014 Patty Murphy Strategic Management Process Paper Having a set of rules, is not the only way to approach management. There is a process to follow. There is a philosophical/strategic thought to it. Management of a business must implement this process. Best way to process it is when everyone in upper management understands the strategy and goal of the business. Goal-setting- is one of the process patterns to illuminate the vision of a business. Also identifying some facets like short, long term objectives and knowing how to accomplish those objectives. Customizing the tasks to the staff for them succeed toward the goals set. Making sure the goals are realistic and detailed, and relate to the vision verbally and written to staff and shareholders of the business. Analysis is very important process, accomplishing your vision is for you to gathering all the relevant data and information. Analyzing what the business need on a sustainable entity, identifying initiatives and strategic direction of your vision and the growth of business. Analyzing external and internal problems which may affect the goals and objectives, which plays to the weakness and strengths of the businesses. Strategy Formulation- is after the completion of the information analysis. Identifying areas might need external resources and identify resources currently the business has to accomplish goals and objectives. To start formulating...
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...Strategic Management Process Paper MGT/498 Strategic Management In our today’s business environment, strategy is a very important factor and in order to manage it well a strategic management process is needed and used by many organizations especially large ones. There are primary components that will ensure the life of the organization. Wal-Mart is a great example because of the fact that it is a successful company, the strategic management process that they use obviously works in many cases. Primary Components There are four primary components when it comes to strategic management process. These are Environmental Scanning, Strategy Formulation, Implementation and Evaluation. Environmental Scanning will help analyze the external and internal factors that can influence the organization. Strategy Formulation process will make sure that the best course of action is decided so that accomplishing organizational objectives can be possible. Strategy Implementation will make sure that the organization’s chosen strategy will be put into action. Strategy Evaluation will make sure that the strategy as well as the implementation will definitely meet most of the objectives of the organization (Strategic Management Process - Meaning, Steps and Components, 2012). A strategic management process is needed for an organization so that there will be a direction and it can also be a guide to employees. Setting up measurable goals and when it is possible to achieve...
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...Strategic Management Process Paper – Week 1 REDACTED MGT-498 REDACTED September 24, 2012 Strategic Management Process Paper Following a strategic management model, Environmental Scanning; Strategy Formulation; Strategy Implementation; & Evaluation and Control are the four basic steps that should be followed to ensure successful outcomes (Wheelen & Hunger, 2010). This is a more defined methodology than what I was trained to use at my last job which was: Plan; Do; Check; Act. Companies need to have processes in place to ensure not only a fair and balanced workload, but those internal and external variants are considered, plans can be developed, action initiated on the objectives of the plan, and the performance indicators can be measured against beginning expectations. Duplication of efforts is common in the workplace for companies that do not have the systems that clearly layout expectations. Utilizing the SWOT analysis (Strengths, Weaknesses, Opportunities, & Threats are part of the gathering process (Wheelen & Hunger, 2010). Natural, social, and work environments of external influences are all part of what needs to be considered. The composition of the company, customs of key players and associates, and wherewithal are internally relevant to having a successful plan. When formulating the plan, outputs feed directly into the next input. Why we are doing thus; what should be expect; how do we reach the goals outlined; and what practices or policies do...
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...Strategic Management Process Paper University of Phoenix MGT/498 Throughout this paper the topic of discussion will be to identify the many different roles involving strategic management and all of the primary components involved in strategic planning. Strategic Management emphasizes on the organizations “long-term performance. Many companies can manage short-term bursts of high performance, but only a few can sustain it over a longer period of time To be successful in the long-run, companies must not only be able to execute current activities to satisfy an existing market, but they must also adapt those activities to satisfy new and changing markets” (Wheelen & Hunger, 2008), pg6). The accomplishments set forth are essentially a way to make certain the organization has continued achievements and meets the demands of the organizations stakeholders. In addition, the long-term performance would show returns on investments to the shareholders. Therefore, the main idea behind strategic planning is to make sure all goals and achievements are continuous and keeping up with the ever change world of the business environment. Just as any business plan it is just what it is which is a plan mapping out the effectiveness of the organization including effective business practices. It is made up of the three primary components, which are strategic operations, strategic functions, and translating the strategy into action. Strategic Operation Environment Part of the strategic management...
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...Strategic Management Process Paper Nicole Graziano MGT/498 November 11, 2013 Amy Novoa Strategic Management Process * In an attempt to improve an organizations management plan and define strategies, often companies will develop a strategic management plan. This plan includes four basic steps, for a continuous process that will evaluate the business in its own industry against its competitors, and will challenge goals to meet the needs of the mission and vision while raising one up to the competitor. Starbucks has developed a very successful strategic planning process. The strategic management process that Starbucks uses will be described in this paper. * * Primary Components of a Strategic Management Process * According to Thomas Wheelan (2010) the four basic elements or the primary components of a strategic management process are “environmental scanning, strategy formulation, strategy implementation, and evaluation and control” (pg.14). * A strategic management process is needed for a company to succeed and achieve a better performance over the competitor. According to Kevin Blankinship, the idea and line behind strategic management is goal setting – to “combine purposeful planning with meaningful action” (Blankinship, 2013). * The first step in the planning process is to define the goals of the company. Performing a SWOT analysis is the best way to prepare for potential changes in a company. Then the leaders will need to come up with...
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...Strategic Management Process Rosa Sanchez October 5, 2015 MGT/ 498 Debra Grisamer Strategic Management Process Paper Business are set forth to carry out an important role in our society. All commerce are in business to provide a product and or service. There are many roles that a business must partake in order to be successful and grow. Business must have a strategic plan in order for a company to run smooth and achieve their mission and goals. Target is a great example of a business conducting a great strategic management plan process. According to the Small Business webpage, there is more than just a set of rules the business must follow in order to flourish. A great strategic process must contain five stages “goal setting, analysis, strategy formation, strategy implementation and strategy monitoring” (Clayton, n.d.). These five stages must be implemented in management trained for the business and mission to be carried out. Target has implemented these five stages into their plan. Target states “Creating a strategic roadmap drives the success of our business with opportunities today and innovative ideas for future growth” (Stategy, n.d.). Target plan is composed of the 4P’s. Production quality, pricing, placement and promotional strategy. In the production and pricing side Target wants to offer brand name items at lowest possible price with the ability of still making a profit. Target was the “placement of stores will be mostly in large urban areas where...
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...Strategic Management Process MGT/498 – Strategic Management Strategic Management Process The strategic management process is a philosophical approach to business that consists of four basic elements: environmental scanning, strategy formulation, strategy implementation, and evaluation and control (Wheelen & Hunger, 2010). This paper examines these elements, why this process is important, and discusses the strategic management process of Microsoft Corporation. Environmental Scanning Environmental scanning involves an in-depth analysis of the factors that can affect the goals of the company (Clayton, 2013). This information is disseminated to the key people within the company and is often conducted through SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis. The strengths and weaknesses form the internal environment of the company and look closely at the company’s structure, resources, and culture; whereas, the opportunities and threats are the variables that comprise the external environment (Wheelen & Hunger, 2010). Strategy Formulation Once the opportunities and threats have been analyzed, long-term plans for their effective management are formulated. It is within this step that the company’s mission is clearly set to achieve the desired objectives (Wheelen & Hunger, 2010). During this stage, any issues are prioritized prior to the development of the strategy, and contingency plans created. Economic environments are continually...
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...Competitive Advantages Paper MGT/498 Competitive Advantages Paper In today’s global economy, more and more companies are finding it difficult to grow their business domestically. As domestic opportunities decrease, more and more organizations are finding themselves looking for opportunities in the global market searching for ways to gain a competitive advantage. In this paper, team A will analyze the competitive advantage Riordan Manufacturing, Incorporated (Riordan) has in common with other companies, and estimate which competitive strategies Riordan could use to improve innovation and sustainability of business operations both in the United States and in the global market. We will also explain why we chose these competitive strategies and estimate how they might affect sustainability of long-term organizational performance. Finally, we will explain how the global market would affect the business strategy of Riordan. Competitive Advantage Strategies The three competitive strategies that Riordan can capitalize on to improve innovation and sustainability of business operations are research and development, purchasing, and logistics. Riordan us an industry leader in the field of polymer materials solutions and polymer materials research and development and patent licensing. The company should explore strategic advantages through its research and development functions as well as through its Operations Excellence model. Riordan employs detailed process systems and standards...
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...Strategic Management Process Paper John Vincent MGT/498 December 12, 2012 Strategic management is a set of managerial decisions and actions that determines the long run performance of a corporation (Hunger & Wheelen, 2010). It is all about identifying and picturing the strategies used for better performance and gaining a competitive advantage for the corporation. In order for this to take place the manager must have the knowledge to make the right decisions using the SWOT Analysis and utilize the corporation’s strengths and minimizing the weaknesses. According to Hunger & Wheelen, (2010), corporations run the risk of error, costly mistakes, and economic ruin. Strategic management is used today to keep the corporations competitive in a volatile environment. The world is constantly changing and it is up to the managers to help the corporations evolve around it using the four phases of strategic management. Phase 1- Basic financial planning involves projects that are based on very little analysis. The following year’s budget takes approximately one year in which managers try to cram ideas (Hunger & Wheelen, 2010). Phase 2- Forecast-based planning usually takes three to five years. Annual budgets that have become useless for long-term planning have managers attempting five-year plans. With the internal information that is gathered, environmental information is also gathered. Managers in this phase compete for larger shares of funds with endless meetings to...
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...Strategic Management Process MGT/498 Abstract The primary components of the strategic management process are strategic planning and strategic execution. The strategic management process is an important factor to the success of an organization. Components to consider are the planning and execution of the strategy. Wal-Mart is trying to increase their sales by reinventing how they do business and building on the Internet side of the business. Strategic Management Process Organizations begin because someone had an idea and wanted to share it with the world. However, an organization cannot be successful based on the ideal alone. Some planning must take place to establish the internal and external components of the organization. In other words, policies on how the company will operate, procedures on how the product is developed, and how to reach the customer base is imperative prior to starting a business. This is when strategic management is most effective. According to Wheelen and Hunger (2008), strategic management is “a set of managerial decisions and actions that determines the long-run performance of a corporation” (p.5). The purpose of the paper is to explain the primary components of a strategic management process, indicate why a strategic management process is needed, and examine a strategic management process of Wal-Mart. Primary components of strategic management Strategic planning and strategic execution are the primary components of strategic management...
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...Ethics and Social Responsibility Paper Chris D Alexander MGT/498 The purpose of ethical social responsibility for an organization is based on the respect that is shown to clients, customers, partners, and the public. Disregarding many of the literal obligations on paper, a certain ethical nature is expected from employee to client, employee to consumers,and shareholder to employee. Research has shown that most organizations proves how each company would take pro-active measures to ensure that the companies ethics are followed to a certain extent in order to avoid internal and/or external conflicts. Strategic management becomes extremely critical for companies when evaluating potential ethical concerns. Expectations of ethics and social responsibility are the same in the majority of organizations, but the actions are not always existent in the workplace. This paper will discuss the ethics and social responsibility that are required in the strategic planning of the stakeholders and the management. Ethics is often referred to as a method of principal’s and rules that are applied to achieve and maintain a good society. The myth amongst many is that ethics is based on a measurement of religious value which is not true. Unethical crimes have occurred primarily in the midst of banking and finance businesses. There is a plethora of unethical practices in organizations which include corruption, morality, white-collar crime, and inside trading. Each are important topics...
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...Strategic Management Process Paper Vivian Shellmire MGT 498 March 21, 2011 Eligah King Strategic Management Process Paper The global marketplace has ushered in an emergent Era of corporate citizenship. Merging corporations often create an environment within a company where different structures coexist side-by-side. The reality, parties in collaboration tend to promote cultural capital. In fact, human nature is a factoring barrier making it a difficult challenge to retain highly esteemed talent and maintain production efficiency. Corporate responsibility obligates an organization to design a plan, a strategic process that fosters open-mindedness, confidence, passion, and optimism. A strategy plan incorporating mutual company goals, a philosophical mission statement, and an expected code of conduct can ensure consistency. A responsive way to alleviate conflict among parties would be to include a framework articulating clear concise policies, procedures, and implementation which emphasize corporate values and standards. General Motors Company for example, after acquiring partnership with Opel International encountered structural challenges. Opel’s (2011) promotion states, “We are inspired by the freshness and potential of unique talents. They excite our admiration and energize our emotion that is why we team up with new and established performers and support them, in their personal endeavors and the causes they believe in.” Ironically...
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...Ethics Paper MGT/498 University of Phoenix Ethics Paper Ethics and social responsibility are a part of any organizations strategic management plan. An organizations values and ethics will determine the organizations success. The responsibility of an organization does not end with making a profit. Many times an organizations decisions effect more than the organization itself. The decisions of an organization impact the environment, community, economy, and the world. Organizations have a lot of responsibilities that need to be in order for an organization to become successful. The responsibilities include: economical, legal, and social responsibilities. Economic responsibilities are the processes that an organization uses to produce goods and services in order to make a profit. Legal responsibilities are rules and regulations that have been established by governmental bodies that are to obey. Social responsibilities are a combination of discretionary and ethical responsibilities. Discretionary responsibilities are responsibilities that the organization voluntary fulfills in order to improve quality of life and provide incentives to increase productivity. Ethical responsibilities are responsibilities that are governed by a moral code of conduct and are composed of beliefs that are generally held by the majority of society. Profit maximization without ethics and social responsibility can result in consequences for both the organization and the community in general. In...
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