Strategic Management

Lashanda Bullock

BUS:341

Strategic Management As of lately, there has been a tremendous growth in the level of competition in almost all industries. Companies are continually trying to outdo their rivals by producing new products and services in the market. However, the market is almost saturated by new products because most of them are very similar and others slightly differentiated. Therefore, to survive in this competition, different companies have decided to develop strategic management plans that would ensure sustainability and relevance in the product market. As such, this paper dwells on the strategic management plan adapted by Amtrak, an American Railroad Passenger Corporation, which is partly government funded. The corporation is operated for profit making purposes and is a public company owned and funded by both the American government and the pre-existing passenger rail companies in the country. The strategic management plan was adopted in 2011 with the aim expanding safe to safer by reducing risk exposure to both the customers and the workers. It also aimed at reorganizing the corporation’s operations so as to improve responsiveness to customer’s needs. Also, it aimed at developing total rewards as well as integrated talent management strategy (Amtrak, 2014). The company also wanted to improve the financial reporting and budgeting process and also launch a vigorous enterprise risk management system among other objectives. To achieve the corporation’s goals, the following comparative strategies were adopted. First, the change agenda, which served as a compass for decision making and future strategy formulation. Next, the business line portfolio, which encompassed the restructuring of the group’s business lines in order to operate in a synchronized direction of future growth. The last strategy is the corporate strategy