...Running Head: UNIT 2 ASSIGNMENT 1 Geraldine Spinner January 16, 2012 Management Policy and Strategy MT460-01 Unit 2 Introduction to Strategic Management UNIT 2 ASSIGNMENT 2 Strategic management is the set of decision and actions that result in the formulation and implementation of plans designed to achieve a company’s objectives (Pearce, 2010). The concept of the strategic management process is screening ideas, development of mission and setting of objectives, the SWOT analysis, and selection of the best alternative, strategy formulation, Implementation, and lastly control. Strategic is the direction and scope of the organization over the long term. They will achieve advantage for the organization through its configuration of sources within a challenging environment so they will be able to meet the expectation of the stockholders and the demands of the market. Strategy is very important because it helps in establishing objectives after analyzing the internal and external environment. It will also help focus on the aspects that will make the organization able to achieve a competitive edge. When it come to competitive advantages it’ an organizations ability to transform input into goods and services at a maximum profit on a sustained basis...
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...Michelle Johnson MT460: Management Policy and Strategy Unit 2 Project: Why is strategy important to business? Kaplan University August 16, 2011 Strategy is important in business because it gets all the things that you want to do, so you'll be able to go through them quickly and productively. This will also help your competition doubt their own strategy. One example that I have heard of is think of a football game without strategy. Who will know what they need to do if you don't have some type of organization of the system you are trying to run. It is also important to a business to have some type of base plan for any business that effects its revenue, expenses and profits. It provides a long term direction to the organization and it helps the organization achieve a competitive advantage. It will also tell about the business in the market, values and the way that they may handle resources in order to meet the objectives of the company as a whole. One of the main things that it helps to do is helps to analyze the internal and external environment. Something to remember is that without strategy the company would be pretty much shooting in the dark. Would something work ? This would be a continuing question without some type of direction. It allows the business leaders to weigh the pros and cons of different decisions in order to get to the proper way to go. Taking into mind the most cost effective process that will be needed. Strategic management is defined as the set...
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...Unit Two Assignment – Why is Strategy Important to Business? John Rapier Kaplan University School of Business and Management MT460-01 Management Policy and Strategy Dr. Carrie A. O’Hare July 11, 2012 Unit Two Assignment – Why is Strategy Important to Business? While it could be argued that as students while we may not view the path we are following as a strategy, in truth we are, even if we haven’t codified it as such and if asked if we were ever involved strategic planning, may very well say no. In reality though we have, even though it may not be on a grand scale, it is the plan for our direction and future. This action is at the core of strategic management and strategy. It is this planning for the future of a business, its growth, development and direction which are the very core of growing a successful business over time, just as the selections we make for ourselves will determine our direction in the future and indeed contribute to our eventual development and success. What is Strategic Management? Although a variety of considerations are involved in Strategic Management, it can be summed up simply as preparing for the future and following a planned path to a goal rather than leaving things to chance and just taking things as they come. Strategic Management provides a comprehensive picture of where a company is, what it hopes to achieve and how it is going to reach its goals. Before we can make plans for the future, we need...
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...| The Importance of Business Strategy | MT460/04 | | Management Policy and Strategy Unit 2 Business Planning The Strategic Management Concept The concept of strategic management involves several different aspects of business. In the simplest terms, a company generates objectives and goals by which it would like to operate. The manner in which those goals and objective are accomplished and the strategic decisions made regarding those fall into the concept of strategic management. There are several different key elements in the strategic management process. A company must first set a high level overview of what it would like to accomplish. This may include its mission statement, objective and subjective goals and also company philosophies. The company must then study itself to determine its strengths and capabilities as well as its internal makeup. This is called doing an internal analysis. After conducting an internal analysis, an external analysis must also be completed. This includes studying factors that are typically outside the realm of control for a company. This will aid in understanding the current market conditions as well as trends by competitors to help align business focus. Being able to understand the external environment will help a company be better suited for change if needed when situations arise in the external environment. Devising a plan and creating a vision for a company’s long term goals is vital for creating a direction towards...
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...Kaplan University August 10, 2012 Unit 2 MT460-02 Management Policy and Strategy Business Strategy There are many reasons that strategies are implemented in any business. In this paper we will discuss the concepts of strategic management process and future oriented plans. We will discuss organizational vision, mission, purpose, philosophy and goals. The last topic will be on strategic processes as input for future decision making. The strategic management process is defined as the set of decisions and actions that result in the formulation and implementation of plans designed to achieve a company’s objective (Pearce & Robinson, pg.3, 2010). The overall health and growth of a company will provide success if the proper planning is set in place. This will also allow the managers to implement the goals that the company set in place. The management is responsible for implementing the company’s goals and to be successful. This would include allocating resources, focusing on quality, assets and outsourcing, to help the company long term prosperity (Pearce & Robinson, pg. 5, 2010). The beginning part of the process is the company mission and statements to provide the ground path to follow (Pearce & Robinson, pg13, 2010). These specific goals and statements provide the company a specific operation. The mission statement is the most important part of the process and provides the definition of the company. The next process is to analyze the company internally...
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...Unit 3 Internal Analysis and Long-Term Objectives Case Study Analysis Kaplan University School of Business MT460 Management Policy and Strategy Author: Gerald Short Professor: Dr. Andryce Zurich Date: 12/31/2015 Internal Analysis and Long-Term Objectives Company Name: Whole Foods Market Topic of the Week: Internal Analysis and Long-Term Objectives Synopsis of the Situation Whole Foods Market is the world’s leading company in natural and organic food sales. Their growth and success is due to being highly selective about what they sell, they are also dedicated to high quality standards and their core values. They are also the first American grocer to be a nationally certified organic and ranked 284th in Fortune 500 (Pearce & Robinson, 2013). Whole Foods is struggling to maintain its edge over today’s competition, many of their competitors can purchase more product and sell it for less. Due to the rising awareness of healthier eating and farmers producing more organic and natural products Whole Foods finds itself in a precarious position. The position would be the fierce competition from big box retailers such as Wal*Mart, target, Costco, and the standard grocery stores. These competitors have the ability to order larger quantities at a lower cost giving them the ability to offer the natural or organic products at a lower price (Pearce & Robinson, 2013). Alternative Solutions 1. Increase brand awareness, image, and loyalty through advertising...
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...Unit Four Case Study Analysis Kaplan University School of Business MT460 Management Policy and Strategy Author: Jessica Rushing Professor: Dr. Andryce Zurick Date: May 18, 2015 Louis Vuitton in Japan Company Name: Louis Vuitton Topic of the Week: External and Global Environment Synopsis of the Situation As of 2009, the Japanese market accounted for 45 percent of all luxury goods sold globally (Pearce & Robinson, 2013, p 14-11). Louis Vuitton preemptively identified Japan as a location that would help boost sales and brand loyalty, opening its first store in Japan in 1977 (Pearce & Robinson, 2013, p 14-14). The brand is facing some challenges as it attempts to continue seeing growth in the Japanese market. These challenges include competition, reduced location product availability, and counterfeit products to name a few. Due to the fact this country currently accounts for a large percentage of luxury goods being sold, the competition is at an all time high. Louis Vuitton faces challenges while battling rivals such as Bulgari, Gucci, Coach, and similar companies. Competition in the marketplace is a strong component of any company’s external environment. According to our text, an external environment includes, “the factors beyond the control of the firm that influence its choice of direction and action, organizational structure, and internal processes (Pearce & Robinson, 2013, p 87). In addition, Louis Vuitton has limited its targeted...
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...Unit 5: 28 Case Study Analyses Kaplan University School of Business and Management MT460 Management Policy and Strategy Author: Linda Alvarez Professor: Dr. Marian Leerburger Date: April, 2, 2012 Introduction Whole Foods was established in 1980 with one store in Austin, Texas. Today, Whole Foods is the world’s largest leader in natural and organic foods. There are over 310 stores in North America and the United Kingdom. Whole Foods is committed to the finest natural and organic foods available, sustainable agriculture and have one of the strictest of quality standards. Whole Foods offers customers a wide variety of products. “Natural” refers to food that is free of growth hormones or antibiotics, where “certificated organic” food conforms to the standards, as defined by the U.S. Department of Agriculture in October 2002. (Pearce, J. A., and Robinson, R. B., 2011). Whole Foods continues to grow steadily in employees and stores. Synopsis of the Situation Will there be enough organic supply of food to satisfy the growing demand to its customers? Whole Foods has realized that due to the large demand in organics and the steady growth of customers buying organic foods, they have encountered a problem. The competition has increased and many supermarkets and grocery stores now supply organic foods and have an organic section of the store. Key Issues The Whole Food stores are targeted around well educated customers who have high salaries...
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