...Strategic Management Process Paper 1 Strategic Management Process Paper Jeff Street University of Phoenix February 6, 2012 Richard Jaussi Strategic Management Process Paper 2 The primary components of a strategic management process vary in terminology; however, to effectively implement any strategy, the core components must be sufficiently considered. In basic corporate terms, strategy is defined as the plan that the organization develops to accomplish its primary long-term goals and objectives. These goals and objectives are critical to ensure continual business success and meet expectations of all stakeholders. In terms of the shareholders this means assuring their investment returns positive dividends. So, a critical component to a strategic plan is to gain a competitive advantage over a continuously environment. As is normally the case with any plan in order for it to be executed successfully it needs to be planned and managed efficiently. There must be a strategic management process operated by the organization that consists of three primary elements—strategic position, choices and setting the strategy into motion. STRATEGIC POSITION In order for strategic management to function correctly the organization must be aware of its current or strategic position and what elements potentially could affect the position. External forces must be considered appropriately and integrated in to the strategic plan....
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...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 complete the following:...
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...The primary components of a strategic management process vary in terminology; however, to effectively implement any strategy, the core components must be sufficiently considered. In basic corporate terms, strategy is defined as the plan that the organization develops to accomplish its primary long-term goals and objectives. These goals and objectives are critical to ensure continual business success and meet expectations of all stakeholders. In terms of the shareholders this means assuring their investment returns positive dividends. So, a critical component to a strategic plan is to gain a competitive advantage over a continuously environment. As is normally the case with any plan in order for it to be executed successfully it needs to be planned and managed efficiently. There must be a strategic management process operated by the organization that consists of three primary elements—strategic position, choices and setting the strategy into motion. STRATEGIC POSITION In order for strategic management to function correctly the organization must be aware of its current or strategic position and what elements potentially could affect the position. External forces must be considered appropriately and integrated in to the strategic plan. The forces usually vary over many issues and understanding them and how they will affect the business is essential to enabling management to select the opportunities and threats to its strategic plan. Strategic Management Process Paper 3 An example...
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...strategy audit together. In this module, you will conduct a comprehensive assessment of the internal environment at your business unit or organization you are working with for this project, also known as an organizational assessment, and present your findings in a report. In your report, you should analyze the operating characteristics and assets of your business unit. The SWOT model is one of the most common business tools used during organizational assessment. Another is developing a balanced scorecard based on a prescribed or planned set of performance objectives that will be measured and evaluated regularly. In this assignment, based on the external environmental scan you conducted in M2: Assignment 2 and the internal environmental scan in this assignment, you will develop a SWOT analysis and a balanced strategic scorecard. Part I: Internal Environmental Scan (2–3 pages) The internal environmental scan or organizational assessment should include the following: • Mission, vision, and values: Assess the organization’s understanding of the mission, vision, and values, and how they relate the business strategy. Is there consensus on the mission and vision of the organization? What are the shared values of the organization? What are the behaviors espoused by these values? • Strategy clarification: Assess the organization’s understanding of the business strategy through the interview with a mid-level or senior manager. Assess his or her...
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...Strategic Management Process Paper Strategic management process is used by companies in order to define the strategies the company uses to achieve success. The process encompasses four components which are carried out in steps and, will be defined. This paper will also include the reasons why these processes are used in a business. A company by the name of Publix Supermarkets will be researched, along with the process the company uses. Strategic management is an ongoing process, and each of these processes coincides with one another. Primary Components of a Strategic Management Process The four components of the strategic management process are environmental scanning, strategy formulation, strategy implantation, and strategy evaluation. These steps are carried out in order, and begin the process of creating a strategic management plan ("Strategic Management Process-Meaning, Steps, And Components", 2013). Again, strategic management plans are ongoing and evaluate the company’s position in their field, along with their competitors. After the evaluation, the plan aims to realign the goals of the company for present and future goals ("Strategic Management Process-Meaning, Steps, And Components", 2013). Publix Supermarket Publix Supermarkets has their own department to handle the company’s strategies. According to "Strategy Support" (2014), “Together we're improving existing processes, developing new strategies, and making plans to grow our company.” The company states...
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...Rusty Rims IT Decision Paper Assignment Before you begin this assignment, be sure you have read the “Rusty Rims Wheels Case Study,” any feedback on your proposed IT project from your ITSP Part 2 assignment, and the previously assigned chapters in the textbook. Purpose of this Assignment This assignment gives you the opportunity to apply the course concepts to develop an IT Decision Paper to explain and defend an IT project at Rusty Rims Distribution Company (RR). This assignment specifically addresses the following course outcomes to enable you to: Apply best practices in information technology management and governance to make, defend, and justify an IT decision. IT Decision Paper for Your Proposed IT Project For your ITSP, Part 2, you proposed an IT project for RR. Carol, the CIO at RR, has asked you to write an IT Decision Paper to explain your proposed project. She wants to use the Paper to gain approval from the Governance Board to move forward with the project. This assignment uses a format for a Decision Paper that has been tailored to the course material covered in this class. You may work for an organization that has a format for IT decision papers, and it would be a good idea for you to take a look at it, but it will likely be structured a little differently from this one. Each organization develops tools and techniques that will work for them. Assignment You will develop an IT Decision Paper, using the outline below. Each of the topics to be...
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...doing business differently whether from a smaller to larger firm, one position to the next, or just a general big change for many reasons. The transition structure and role of HRM can be a bit costly and reorganization for transition can bring negative and positive factors. In this paper the transitioning role of HRM will discuss and line out the factors that changed the primary role of HRM from that of functional operation to that of strategic partner, the way technology affect HRM, and how HRIS influence organizational culture and change. Factors that change the primary role of HRM from the functional aspect of operation to a strategic partner are the opportunities gaining a momentum as one of the best asset in an organization. As HRM is adopted in the strategic partner relationship the prospect defines a long-term relationship, and objectives well achieve in common aspect and with partners of the organization. The activities in the HRM strategic partnership is an intention to ensure the financial aspect of the organization. According to the strategic human resources website, the website stated that,” Partners do not hinder one another. They support each other to achieve common objectives. This includes business objectives.” Meaning that HRM role as a strategic partner is a positive to the organization, as each individual involve in the business works toward the same goal. Incorporating HRM as a strategic partner will have to increase productivity in the labor areas, and...
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...Archive Strategic Marketing. A literature review on definitions, concepts and boundaries Jorge Mongay Autonomous University of Barcelona, SBS Swiss Business School 2006 Online at https://mpra.ub.uni-muenchen.de/41840/ MPRA Paper No. 41840, posted 9. October 2012 20:07 UTC WORKING PAPER. JM-A1-2006 STRATEGIC MARKETING: A LITERATURE REVIEW ON DEFINITIONS, CONCEPTS AND BOUNDARIES. Dr. Jorge Mongay Autonomous University of Barcelona (UAB) & SBS Swiss Business School 1 WORKING PAPER. JM-A1-2006 Summary 1. Definitions of strategic marketing 2. Aspects of Strategic Marketing 3. Factors in Strategic Marketing 4. Elements of Marketing Strategy 5. Intersections with others disciplines 5.1. Intersection between Strategic Marketing and Marketing Tactics 5.2. Intersection between Strategic Marketing and Corporate Strategy 5.3. How does it Strategic Marketing fit into Corporate Strategy? 6. Final conclusions of the paper 7. References 2 WORKING PAPER. JM-A1-2006 1. STRATEGIC MARKETING AND ITS DEFINITIONS Although most authors speak about some parts of Strategic Marketing, here is included a list of definitions of the term. Some authors appear in different years ( for example, Jain), It is understand that they have added new comments or redefined the term after the years. The table and the definitions have been ordered by year of publication. Author Year Definition Drucker 1973 “ Strategic marketing...
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...Ethics Paper Alicia Lanfair MGT 498 January 6, 2016 Thomas Rauter Ethics Paper The function of ethics and social responsibility is the creating of a strategic plan while reflecting on the stakeholder’s desires and plans. Ethics is the study and values of human behavior with an importance of knowing right from wrong. Business ethics is the principles, values, and standards that primarily direct the actions of a company. Principle values are distinct boundaries of behavior, those of which are both universal and absolute. Values help in developing shared socially enforced things such as integrity, trust, and credibility. Social Responsibility Social responsibility comprises the acting with concern and sensitivity, aware of the impact of a person’s actions on others, particularly the disadvantaged. Social responsibility is the social contract between the business and society. Role of Ethics in Strategic Planning Strategic planning is important in an environment that has become so unstable. (Wheelen, Hunger, & Bamford, 2015) No business can function properly unless it has a well-defined structure in which divided tasks are among groups, each group headed by a person in authority. Whereas it is impossible to lay down a structure universally applicable, it is reasonable to summarize some of the qualities that a real working business structure will have. The organization and the groups into which the structure is broken down must clearly have...
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...doing business differently whether from a smaller to larger firm, one position to the next, or just a general big change for many reasons. The transition structure and role of HRM can be a bit costly and reorganization for transition can bring negative and positive factors. In this paper the transitioning role of HRM will discuss and line out the factors that changed the primary role of HRM from that of functional operation to that of strategic partner, the way technology affect HRM, and how HRIS influence organizational culture and change. Factors that change the primary role of HRM from the functional aspect of operation to a strategic partner are the opportunities gaining a momentum as one of the best asset in an organization. As HRM is adopted in the strategic partner relationship the prospect defines a long-term relationship, and objectives well achieve in common aspect and with partners of the organization. The activities in the HRM strategic partnership is an intention to ensure the financial aspect of the organization. According to the strategic human resources website, the website stated that,” Partners do not hinder one another. They support each other to achieve common objectives. This includes business objectives.” Meaning that HRM role as a strategic partner is a positive to the organization, as each individual involve in the business works toward the same goal. Incorporating HRM as a strategic partner will have to increase productivity in the labor areas, and...
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...Functional Areas of Business Paper XXXXX MGT/521 June 8, 2015 Professor XXXX Functional Areas of Business Paper Understanding the importance of managers in today’s corporate world is crucial for an individual with a special interest in business management practices, especially if pursuing a Masters of Business Administration. According to Robbins and Coulter (2012), managers are important for three main reasons: organizations need their skills, they get things done, and they do matter. The responsibility of a manager is to coordinate and oversee that others are doing their work so that the goals of an organization can be accomplished (Robbins and Coulter, 2012), and to “ensure business success” (University of Phoenix, 2012). The manager’s efficiency and effectiveness when leading and overseeing the tasks needed to accomplish the organization’s goals will reflect in the functional areas of business. Functions of Management There are four functions of management: planning, organizing, leading, and controlling. This functions approach is the most popular used today, and managers address them “regardless of the order in which these functions are performed” (Robbins and Coulter, 2012, p. 10). Managers use their leadership to influence and inspire employees, participate in strategic planning to create plans, and ensure the objectives are completed (University of Phoenix, 2012). Manager’s Role The management of an organization is divided into different areas, depending...
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...the scenes work that others handle. Without these behind the scenes people, their day will not go smoothly. From making important business calls on personal time or personal cell phones, to getting lunch in a timely manner so they can get back to work. Without these positions in a business nothing would be possible. Once the human capital is removed from a business, it is empty. Just a big empty building. This is the job of the Human Resource Management, HRM. They must make sure people they are hiring are qualified for the positions at hand to make business flow smoothly. Every single day their goal is to make the best experience they can when employees are at work. Within this paper I will address what Human Resource Management is, their primary functions within the department, and lastly the role the HRM plays in a strategic plan. What is Human Resource Management? Human Resource Management is a group of people within a department that has several primary tasks. Some of these primary tasks are recruiting, training, and compensating employees. As well as ensuring all rules and regulations are followed and that all tasks are completed in line with the organizational goals. All this is completed through the six core functions of HR which are: Workforce Management, Total Rewards, Risk Management, HR Development, Employee Relations, and Strategic Management (DeCenzo & Robbins, 2013). Workforce Management functions within HRM are planning and employment strategies. This...
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...Assignment 2: FedEx Strategic Options and Opportunities Anthony Anderson JWI 540: Strategy Dr. John Dorociak 8/3/2014 Executive Summary This paper will provide discussion and analysis concerning various strategic options and opportunities as they relate to the FedEx Corporation (FDX) in their current industry market. Competition will be assessed to create an understanding of the current landscape of the industry from the perspective of traditional, potential, and oblique competitors in FDX’s current industry. FDX will then be analyzed utilizing the SWOT model that will be utilized to identify three strategic options in the current market that will foster corporate growth in the future. Once identified, each strategic option will be evaluated via three criteria based on three simple questions as follows: Is it big? Is it us? Is it time? After this evaluation is complete there will be one strategic option selected that best meets the selection criteria in totality. FedEx Corporation: The Competition Competition in the transportation market is intense both domestically and globally and is the heart of every organizations strategy within this industry. Freight and courier services are at a high demand throughout the world due to growing distribution channels, technology, and a marked increase in demand. Market volume and value are...
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...EXPLORING THE CHALLENGES OF STRATEGIC MANAGEMENT ACCOUNTING IN POST GLOBAL ECONOMIC CRISIS ERA IN NIGERIA: IMPLICATIONS FOR THE NIGERIAN PROFESSIONAL BY BENNETT B. BENNETT UNIZIK/ACC/Ph.D./2011387014F DEPARTMENT OF ACCOUNTANCY, FACULTY OF MANAGEMENT SCIENCES, NNAMDI AZIKIWE UNIVERSITY, AWKA SEPTEMBER, 2012 TABLE OF CONTENTS Certification Approval Declaration Acknowledgement List of Tables Abstract CHAPTER ONE INTRODUCTION 1.0 Background to Study 1.1 Statement of Research Problem 1.2 Objective of Study 1.3 Research Question 1.4 Research Hypothesis 1.5 Significance of the Study 1.6 Scope and Delimitation of Study 1.7 Limitations CHAPTER TWO LITERATURE REVIEW 2.1 Historical Background 2.2 Conceptual Frame work 2.3 theoretical Frame work 2.4 Review of Current Literature CHAPTER THREE METHODOLOGY 3.1 Design of the Study 3.2 Data Collection 3.3 Method of Data Analysis CHAPTER FOUR DATA PRESENTATION, ANALYSIS AND INTERPRETATION 5.1 Summary 5.2 Conclusion 5.3 Recommendations 5.4 Suggestions for Further Studies Bibliography Appendix CERTIFICATION This is to certify that this research work was carried out by Bennett, B. Bennett of the Department of Accountancy Nnamdi Azikiwe University, Awka. _______________________ Prof. B.C. Osisioma Date. APROVAL This paper titled “Exploring the Challenges of Strategic Management Accounting in Post Global Economic Crisis Era: Implications...
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...Human Resource Management (HRM) is a division in practically every organization, however over the years the role of HRM has experienced significant changes. According to the business dictionary, HRM is defined as “Administrative activities associated with human resources planning, recruitment, selection, orientation, appraisal, motivation, remuneration, etc. HRM aims at developing people through work.” In past times HRM were considered responsible for simply hiring and firing and at one point in time were labeled event coordinators and planners. Due to the numerous legal changes and advancements in technology the HRM responsibilities have changed drastically and are essential to maintaining a successful organization. The HRM today is responsible for all aspects of employee development from recruitment to training and beyond in addition to impacting the organizations strategic plan. Constant legal changes and advancements to technology have created an increase in responsibility for HRM. Legalities organizations are required to follow witness constant changes, which require HRM to be both educated and up to date with the laws that effect their organization. The slightest of mistakes could result in fines, lawsuits, and in some cases an organization being shut down entirely. Those employed within an organizations HRM are expected to know these laws to refrain from violating employment laws, employment practices, and more. Another challenge those in HRM face with...
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