...Strategic Management Process Paper Strategic Management Process Paper Before any business is started they have to have their own strategic management. I want to start my own business by forming my own bakery. I have to first achieve my mission and my vision. In order to do this I also have to have specific goals and objectives. It isn’t just strategic management that is involved it’s also process strategic management. The process of starting the business starts with either the owner or the manager. The manager or owner is faced with many situations. They are challenged through everybody including people working for them, the customers, banks, tax people, and sometimes even the worse the law. Overcoming all these challenges and getting things done is called management success. Management success is an accomplishment of the mission and objectives. Not all owners or managers succeed in their businesses though. They fail to accomplish the mission and objectives. Success in a business also requires in my belief effectiveness and efficiency. There is also much more to that in owning your own business. There is a formulation that many businesses do use. It is called the P-O-L-C formulation. This is a strategy formulation and it stands for planning, organizing, leading, and controlling. I will begin to explain the planning process. This is the most important process of all the steps that are involved...
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...Running head: STRATEGIC MANAGEMENT PROCESS PAPER Strategic Management Process Paper University of Phoenix Strategic Management Process Paper “Change has a considerable psychological impact on the human mind. To the fearful it is threatening because it means that things may get worse. To the hopeful it’s encouraging because things may get better. To the hopeful it is inspiring because things may get better. To the confident it is inspiring because the challenge exists to make things better” (Whitney, 2011). In this day and age businesses are faced with great challenges one in particular is becoming a profitable organization. In order for businesses to combat these challenges they must take risks and utilize strategic management to determine which direction the company will move. This paper will attempt to discuss the primary components of strategic management and why it is used in a company. Next a company will be researched and the strategic management process will be identified. Environmental scanning is the first step in the strategic management model (Wheelen and Hunger, 2010). This process involves looking at internal and external variables that have an impact on a business. The environmental scanning process identifies strategic factors. Businesses use many tools to identify this information, the most common being the strengths, weakness, opportunities, trends and threats (SWOTT) analysis. This helps to identify the factors that can play a significant...
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...Strategic Plan Paper MGT/498 Strategic Plan Paper Since its inception 1991 Riordan has been an industry leader in the injection mold industry. Dr. Riordan had a vision when he opened the first plant in Michigan, and his vision was growth, innovation, and to always meet his customers needs. His vision was the driving force for Riordan’s strategic plan in the 90s and early millennia just as it is today, but the scope of his vision has grown into new marketing arenas and will need refining if it is to keep Riordan growth rate and financial success at its current level (Riordan, 2013). With the expansion of Riordan into China as well as the retooling of existing plants for custom plastic injecting has changed the internal dynamic of Riordan and both internal and external strategies will need to be adjusted to maximize production and marketing potentials. Riordan’s Strategic Plan The Future Strategic Planning is a widespread development for shaping a business into what it will become and how to achieve the goals in a systematic way. Riordan manufacturing needs a strategic plan to become the top industry globally to manufacture plastic in injection molding. Strategic management process is strategies, decisions, and actions define by a company to determine the performance of the organization. The components Riordan needs to succeed in business are (Wheelen & Hunger 2010). The use of Environmental Scanning, Strategy Formulation, Strategy implementation, Evaluation, and Control...
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...Strategic Management and Planning Paper Marcy Blind Univ of Phoenix BUS 475 Brandan Krieger February 10, 2014 Strategic Management Paper Strategic management is collection of activities and processes that companies use to strategically coordinate resources and activities with the vision and mission statement throughout the organization. The purpose of this management plan is to put a plan into action and then have valuable feedback so the plan can be reevaluated as the external and internal dynamics evolve. At its core this is just the concept of having some feedback controls to evolve the plan to changing variables. This helps organizations to meet with the challenges with better focus and strategy. Purpose of strategic plan Strategic plan is a tool to manage the organization in more streamlined and optimal way. It helps in promoting the vision and goals of the organization throughout the organization. This avoids sub-optimization in the organization and helps the different branches to have better focus and coordination in between them. This also incorporates the organization strengths and weaknesses and then this data is used to formulate the best possible outcome for the organization. The plan also sets the goals the organization needs to achieve and how they will be achieved. This also includes the parameter against which the performance of organization will be measured and the time frame in which evaluation should be done. Components of strategic...
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...Strategic Initiative Paper FIN/370 Strategic Initiative Paper Starbucks Strategic Planning Initiative Strategic initiatives are a special set of strategies that an organization sets up to help that organization reach certain goals and achievements that are set up in that strategic plan. The platform in the strategic planning initiative of the Starbucks organization is to make certain they use only high quality goods, and they treat their customers and employees with respect. Starbucks is “committed to ethically sourcing and roasting the highest quality Arabica coffee in the world” (Starbucks Corporation, 2012). Starbucks’ mission is “to inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time” (Starbucks Corporation, 2012). Starbucks Corporation uses this statement as a fulfillment to their success: Under ethical sourcing the company outlines the goal that by 2015 the organization will use coffee that is only produced and obtained through the use of ethical trading and responsible growing (Starbucks Company Profile, 2011). The initiative discussed in Starbucks Annual Report says “Blair Taylor, Starbucks Chief Community Office, announced the launch of a new nonprofit corporation with a $1 million seed grant to introduce job skills, leadership and apprenticeship programs to young people across the company’s multi-billion-dollar supply chain, and further expansion of the company’s support for U.S. manufacturing through an order...
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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 Initiative Paper student FIN/370 Finance for Business teacher May 1, 2012 Introduction Strategic planning is the compass an organization requires to stay on the path toward successfully reaching their goals and objectives. It is paramount that businesses assess all critical areas such as management, sales, marketing, and finances with long-term health in mind. Tactical plans can be devised with the strategic plan as the guiding force. The allocation of resources, or financial planning, is what helps an organization realize its goals and achieve success. Wal-Mart successfully has accomplished this task year over year. In just under 50 years, one store has grown into an economic force. “Wal-Mart was built on the foundation of saving people money so they can live better. This mission has allowed the company to grow to more than 8,400 stores in 15 countries around the world” (Wal-Mart, 2010, p. 2). Strategic Planning Initiative Strategic planning initiatives for Wal-Mart are numerous for an organization of its size. It has initiatives that include sustainability with a commitment to reduce the greenhouse gas emissions, community involvement as well as global expansion. The organization has a global reach that has spread cost-effective, clean technologies around the world. This allows Wal-Mart to share its best practices in environmental design across all its markets. Wal-Mart’s United States, International organizations...
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...Strategy and Planning Paper Stella Heering MGT/521 University of Phoenix Kathryn Lea Introduction Goals are defined as an objective to do something within a measurable period of time (Davis, 2006). Goal setting is the most basic and fundamental element that is both at the organizational and individual levels. Goals setting should show clear directions and destination as to where people of the organization need to be moving towards. These goals can be long-term and short-term. Whether long-term or short-term, the end objective is always the same. In order to achieve the best results, there is an importance of service delivery improvement and the increase of the profit margins. The importance of this is that it enables the team to know what is supposed to be done and how it is to be done, results are also monitored and where possible adjustments can be made easily. Three types of goals When goal setting, there are three types that an organization can set by any given organization. These goals are ranged from a hierarchy, from top to bottom. Achieving the low-level goals that become a means of achieving the higher-level goals; strategic, tactical and operational goals (Davis, 1996). Goals set by upper management or top management that are mainly concerned with the main objectives of an organization is known as strategic goals. These goals are mainly meant for the top leaders of the organization...
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...Strategic Plan Paper Strategic Plan Paper Riordan Manufacturing recognizes the fact that they are an industry leader in plastic injection molding and supplier of plastic medical devices. Riordan also recognizes that they are not progressing in the industry as they would like. Recognizing the need to create better value products which will increase sales is the first step in this plan for sustainability. Riordan needs to obtain new customers. In order to do this, they must predict customer needs, become familiar with global changes, create better relationships, and secure sustainability. Gaining a competitive edge by utilizing newer technology will help reduce costs. After a closer look at the structure of Riordan, it is believed that several shortfalls exist between the relationship of goals and reality. Riordan is urged to consider the following strategic plan which outlines structure, plan goals, implementation, and evaluation. Riordan Manufacturing is a state-of-the-art plastic industrial company that specializes in plastic injection molding and innovative designs of plastic products and packaging. Because of their progressive thinking and innovative products, Riordan’s has now established a reputation as one of the world’s leading plastic manufacturers as this global enterprise now employs over 500 employees worldwide (University of Phoenix, 2012). In 2000, Riordan’s manufacturing undertook major expansion efforts and because of those efforts, you can now find Riordan’s...
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...Strategic Management Paper Ebonie Franks University of Phoenix Strategic Management Paper Human Resource Management is the organizational function that deals with issues related to people such as compensation, hiring, performance management, organization development, safety, wellness, benefits, employee motivation, communication, administration, and training (About.com:Human Resources, n.d.). Human resource is very vital to the success of an organization. I will discuss in this paper the recruitment and retention, training and development, employee performance management, regulatory compliance, and compensation and benefits. Merging two companies together to create an international company that is powerful is one way to expand business globally. Uniting two diverse companies with distinct business processes, strategies, and cultures is a definite challenge of mergers. Involving companies from a different culture is even more challenging. People, financial, and operational processes need to be reviewed by executives in order for a new set of rules, procedures, and practices to be developed for the new company. Cultural differences would have to be recognized and there would have to be immediate links created to bridge the gap between the two cultures. If these links were not created, the corporation’s direction towards achieving success could be threatened. If there were any issues as far as downsizing or relocation at hand, they would need to be resolved. To...
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...Overview Company Brief Adidas is on the move and always has been: It has had an adventurous history since it first grew out of a family business in Herzogenaurach, Germany in the 1920s. With the hostile separation of two brothers’ interests in the 1940s, nearly going bust in the 1980s and then executing two rescue operations, first by sending production offshore to Asia and then by reinventing itself into a design and marketing company, Adidas has riden the waves of change in the sports goods sector both up and down. Alongside its own brands, it owned the Saloman ski and sportswear brand for nearly a decade and now includes the Reebok, Taylormade Golf and Rockport brands in its stable. Company Highlights * BECOMING A TRUE MULTI-SPORTS SPECIALIST From Herzogenaurach to the world: the 3-Stripes kept expanding to more and more sports throughout the years. This is reflected in the broad range of athletes who trust adidas to make them better: besides the usual suspects such as the world’s best football players, like the Argentinean national team, outdoor icon Reinhold Messner climbed mountains in adidas shoes and gymnast Nadia Comaneci scored a perfect 10, repeatedly. * A COMPUTER FOR YOUR FEET, It sounds quite common today, but back in the ‘80s, a computer did not belong, much less fit, in your shoe. Didn’t stop adidas from putting it in there. An innovation ahead of its time, the Micropacer featured a system – known today as miCoach – providing performance statistics...
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...Final Strategic Plan Shawn Stout University of Phoenix Bus/475 Gil Maldonado April 14, 2012 Final Strategic Plan Strategic Plan Part 1 Lytezone helicopter maintenance Inc. is a new up and coming business with a dedicated focus on providing safe and proper maintenance that is fairly cheaper than the competition along with being hassle free. Our goal is to provide an atmosphere that is more professional along with a better service than they would receive if they went to a big commercial company. Our Mission We at Lytezone helicopter maintenance Inc. are in the business of providing a professional service for professional, public, and private helicopters. We pride ourselves on providing a service that will cost remotely less than our commercial competitors while at the same time keeping quality and safety in our highest regards, and this is our highest priority. At Lytezone we also pride ourselves on being responsible, teamwork, respect, and perseverance. Our qualified team members have a positive do right attitude that cannot be found anywhere else simply because our team works close together in harmony. We also believe that the environment is important so we do our best to help preserve the sanctity of it by properly disposing of all materials and hazmat that may be harmful during all routine upgrades, special inspections, and maintenance. Our Vision Despite having a small environmental impact within the United States, we here at Lytezone helicopter mechanics Inc...
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...Strategic Plan Project Section I “Often individuals find that they lack the expertise and the time to plan events themselves. Independent planners can step in and give these events the attention they deserve” (Entrepreneur.com, 2011). Event planners handle any or all tasks related to the event. This extensive list of tasks include some of the following; find a site, arrange for food, décor and entertainment, create an event design, and supervise at the site. Educational events, promotions and celebrations in both the business and social realm fill an event planner’s calendar each year. Elementary, My Dear Watson is a Midwest event planning agency that focuses on simple, elegant, affordable events. Owned and operated by Michelle Watson, this independent business will meet any clients’ needs, whether a bride, an executive secretary, or political campaign manager. Section II Elementary, My Dear Watson’s mission statement: Elementary, My Dear Watson is a customer-focused, budget-friendly event planning organization. We take the customer’s vision for a perfect event and set it all in motion. Specializing in weddings and formal social events, we build a relationship with all clients to ensure worry-free planning, complete satisfaction and a memorable event. Section III “Strategic goals are major targets or end results that relate to the long-term survival, value and growth of the organization” (Bateman & Snell, 2009). Elementary, My Dear Watson has two primary strategic...
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...Strategic Initiative Short-term liquidity and long-term profitability are essential objectives for a successful business. The modest beginnings and impressive 50-year growth of Walmart Stores, Inc. are an example of such practice. Walmart Stores, Inc. reflects decades of continued positive return for investors in its annual report and presents a five-tiered strategic plan. The Walmart Store, Inc. 2012 Annual Report lists these initiatives as ―1) Developing our people; 2) Driving the productivity loop; 3) Winning in Global ecommerce; 4) Reinvigorating our customer-focused culture; and 5) Leading on social and environmental issues (p. 3). This essay will focus on two initiatives driving the productivity loop and reinvigorating our customer-focused culture. These two initiatives are tied to short-term and long-term financial concerns, and expansion strategies. The following details the organization’s financial planning surrounding the initiatives, the risks involved in the ideas, and the effect on revenues and expenses. Driving the Productivity Loop With strategic planning the team determines where to spend money for expansion, cut costs to reduces expenses, and invest profit for sustainably. Supporting this framework is the short-term and long-term financial plans a successful business needs to operate. According to Titman, Keown, and Martin (2011), the primary objective of both short- and long-range financial planning is the estimation of the firm’s future financing needs (p...
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...Question One: Strategic Management Process Strategic management is the process of clearly defining an organizations objective and assessing both its internal and external situation and formulating strategies, implementing the strategies, evaluating progress and making adjustments as may be necessary to ensure the organization stay on track. It is a method organizations use to conceive and implement a strategy that can lead to a sustainable competitive advantage. Through strategic management organizations establish goals and objectives, formulate actions (strategies) designed to meet these objectives in the desired timescales, implement the actions and assess progress and results. The process is a systematic or emerged way of performing strategic planning in organizations, through analysis, strategy formulation, its implementation and evaluation. The strategic management process model chosen by a company will depend on the organization’s culture, leadership style, and the experience the firm has in creating successful strategies. The components of a strategic management planning process fall in five main categories: initial assessment, strategic analysis, strategy formulation, implementation and monitoring. At the initial assessment phase the organization needs to identify its mission and vision. The vision will help the managers visualize the company’s future, managers will be able to know where they want to go and what they want to achieve. It is the ultimate goal for the firm...
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