...UNIT 2: Strategic Management Unit 2: Strategic Management MT460-02: Management Policy and Strategy Professor: Heidi J Gregory-Mina, DM, MBA, MS Kaplan University March 24th, 2012 Unit 2: Strategic Management Strategy is becoming a key to component to be a successful business in today’s market either global or domestic. With this in mind more and more focus has been put on strategy and properly learning how to use it appropriately in business world. Strategy is significant in business because it can make or break a business, if a company has a poor plan it can fail but if the same company has the same product but a different strategy it can succeed. The company not only needs to have a strategy but they cannot build a great strategy without first starting with a vision, mission, purpose and maybe some small goals to achieve within the first year to five years. Visions are important because it energizes and gives a future to the company, while the mission of the company is there to tell customer what their purpose is for and what they are they to provide as a product or service and gives the company a goal to achieve and work towards as well. Not only in these statements that management and owners work hard to put together for corporations and business but they provide the direction and the beginning stages of the strategy of the business. Strategy is needed in the business but the strategy is coming from strategic management and one must first define strategic...
Words: 1231 - Pages: 5
...Chapter 2 Application Questions 1. Imagine yourself as the CEO of a large firm in an industry in which you are interested. Please (1) identify major trends in the general environment, (2) analyze their impact on the firm, and (3) identify major sources of information to monitor these trends. (Use Internet and library resources.)As I am striving to work in the Funeral or Death Industry as a Funeral Director, I am observing the change in our industry from traditional burial to cremation. This shift in the industry which reduces the price of a funeral by three or four thousand dollars depending on the demographic area, these trends can be followed in Funeral Industry standards such as the NAFD, a Funeral Directors Organization 2. Analyze movements across the strategic groups in the U.S. retail industry. How do these movements within this industry change the nature of competition?The retail industry is driven by young consumers. These consumers make decisions for their group by purchasing the goods and services that they want. Making the decisions changing competiton for everyone. 3. What are the major trends in the general environment that have impacted the U.S. pharmaceutical industry?More easily accessible drug information. Help with drug costs through programs from the pharmacy and the drug companies. Rewards programs. 4. Go to the Internet and look up www.kroger.com. What are some of the five forces driving industry competition that are affecting the profitability...
Words: 321 - Pages: 2
...Week 6 Assignment 2 Theotis Thomas 11/08/2016 Strategic Management Partial Fulfillment in the Requirements for BUS 599 Strayer University Analyze the types of consumers who will be drinking your beverage in demographic terms (i.e., age, education level, income, gender, ethnic group, etc.). Support your analysis with actual data on the size of the demographic groups in your local community (nearby zip codes). The types of consumers that will be drinking the beverage will be alcoholics who are recovering or suffering from alcoholism. The targeted age is for adults 18 or older, male or female, any race, income level and ethnicity who participate in drinking alcohol regularly. If a consumer consumes too much alcohol it can become addictive and abusive. Consumers who are currently being housed in Rehab facilities are targeted because they are recovering and need different fluids to remain hydrated. Rehab housing, facilities, and therapy recovery groups will be introduced to the beverage Drink Understand Influence....
Words: 511 - Pages: 3
...Strategic Management & Business Policy, 13e (Wheelen/Hunger) Chapter 1 Basic Concepts in Strategic Management 1) Strategic management is one decision that determines the short-term performance of a corporation. Answer: FALSE Diff: 1 Page Ref: 5 Topic: The Study of Strategic Management 2) In the externally oriented planning phase, plans are developed by heavily involving the input of managers from lower levels. Answer: FALSE Diff: 2 Page Ref: 5 Topic: The Study of Strategic Management 3) General Electric led the transition from strategic planning to strategic management during the 1980s. Answer: TRUE Diff: 1 Page Ref: 6 Topic: The Study of Strategic Management 4) One of the benefits of strategic management is a clearer sense of vision for the firm. Answer: TRUE Diff: 2 Page Ref: 6 Topic: The Study of Strategic Management 5) To be effective, strategic management must be a formal process. Answer: FALSE Diff: 3 Page Ref: 7 Topic: The Study of Strategic Management 6) Globalization is the internationalization of markets and corporations. Answer: TRUE Diff: 1 Page Ref: 8 Topic: Globalization and Environmental Sustainability: Challenges to Strategic Management 7) As more industries become global, strategic management is becoming less important in positioning a company for long-term competitive advantage. Answer: FALSE Diff: 2 Page Ref: 8 Topic: Globalization and Environmental Sustainability: Challenges to Strategic Management ...
Words: 5592 - Pages: 23
...FACULTY OF BUSINESS MANAGEMENT MGT 790 STRATEGIC MANAGEMENT Course Outline 2011 Course Prescription Strategic Management is the process and practice of managerial decision making and implementation that seeks to create and maintain competitive advantage. In essence it determines the long term performance of a business and as such is the role of the senior executive members to refine but the responsibility of all to roll out. Included in the process is comprehensive environmental scanning, strategy formulation (strategic planning), strategy implementation, and monitoring. Students in this course will review how the strategic decision makers within an organisation first identify, define and analyse commercial problems and then develop practical and ethical solutions. It provides a practical guide for, and an initial experience in, strategy formulation and strategic management. Class time will be largely spent in lecture, discussion, case studies and experiential exercises. Students will learn from the theoretical literature, instructor, case studies, videos, research presentations, and from each other. The course materials explain and describe the different aspects, challenges, and stages of strategic management simply and clearly. Goals of the Course To examine and understand the nature and role of strategy, strategic management and strategic leadership within an organization. Learning Outcomes 1. To develop skills in strategic analysis, development...
Words: 1985 - Pages: 8
...Running head: STRATEGIC MANAGEMENT ANALYSIS TOOLS Strategic Management Analysis Tools XXXXXXXXX XXXXXXX xxxxxxxx Abstract The number of strategic management analysis tools have increased dramatically in the last twenty years. This increase could be a result of a growing demand to meet the new demands this new global market. This literature review aims to outline these articles and findings by concentrating on the strategic management research tools and describing the tools that are the most useful for managers to use. Keywords: tools, strategic analysis, strategic management, strategic planning. Strategic Management Analysis Tools Brief History In recent decades, strategic management research has become so complex and expensive that managers have found it difficult to utilize it effectively. Increasing competition across all industries combined with the ever changing variables such as the economic realities of an expanding global community, have created this market for strategic market analysis tools. Hence, as a method to support managers needs to meet stockholders expectations, a number of tools and methods have been created. Essentially, the problem is there are so many strategic management analysis tools choosing the right one is challenging. Research on strategic analysis is not abundant, despite the numerous reviews on the subject matter. It should be noted that all of the authors of existing reviews state that strategic analysis is the premise...
Words: 2459 - Pages: 10
...Journal of Management Development The evolving role of strategic management development Paul Brown Article information: To cite this document: Paul Brown, (2005),"The evolving role of strategic management development", Journal of Management Development, Vol. 24 Iss 3 pp. 209 - 222 Permanent link to this document: http://dx.doi.org/10.1108/02621710510584035 Downloaded by Universitas Pendidikan Indonesia At 20:32 22 February 2015 (PT) Downloaded on: 22 February 2015, At: 20:32 (PT) References: this document contains references to 29 other documents. To copy this document: permissions@emeraldinsight.com The fulltext of this document has been downloaded 9372 times since 2006* Users who downloaded this article also downloaded: David Lamond, Lee D. Parker, Philip Ritson, (2005),"Fads, stereotypes and management gurus: Fayol and Follett today", Management Decision, Vol. 43 Iss 10 pp. 1335-1357 http:// dx.doi.org/10.1108/00251740510634903 Marilyn M. Helms, Judy Nixon, (2010),"Exploring SWOT analysis – where are we now?: A review of academic research from the last decade", Journal of Strategy and Management, Vol. 3 Iss 3 pp. 215-251 http://dx.doi.org/10.1108/17554251011064837 Uma D. Jogulu, (2010),"Culturally-linked leadership styles", Leadership & Organization Development Journal, Vol. 31 Iss 8 pp. 705-719 http://dx.doi.org/10.1108/01437731011094766 Access to this document was granted through an Emerald subscription provided by 601976 [] For Authors If you would like to write...
Words: 6997 - Pages: 28
...Excellence in Financial Management Course 10: Strategic Planning Prepared by: Matt H. Evans, CPA, CMA, CFM This course provides a concise overview of how to do a strategic plan. The entire strategic planning process is outlined within this course. This course is recommended for 2 hours of Continuing Professional Education. In order to receive credit, you will need to pass a multiple choice exam which is administered over the internet at www.exinfm.com/training Chapter 1 Preliminary Considerations What is Strategic Planning? The essence of management includes the ability to plan. As you work your way up the organization, planning moves from operational to strategic. Strategic Planning is one of the principal responsibilities of upper-level management. Once management decides on the Strategic Plan, lower-level managers implement the Strategic Plan through an Operating Plan. Strategic Planning attempts to answer a very fundamental question: Where do we want to be one year from now, two years from now, three years from now, etc.? Strategic Planning requires that an organization develop a vision of itself - how do we see ourselves in the future? Strategic Planning looks at the big picture from a long-range perspective whereas the Operating Plan represents the specific tactics for carrying out the Strategic Plan year to year. Strategic Planning is a process whereby an organization makes choices about: ▪...
Words: 6038 - Pages: 25
...Sample Assignment Assignment front sheet Qualification | Unit number and title | Pearson BTEC Level 7 Diploma in Strategic Management and Leadership (QCF) | Unit 1 Developing Strategic Management and Leadership Skills | Student name | Assessor name | | | Date issued | Completion date | Submitted on | | | | | | Assignment title | Strategic Management and Leadership Report (1 of 1) | ------------------------------------------------- LO | Learning Outcome | AC | In this assessment you will have the opportunity to present evidence that shows you are able to: | Task no. | Evidence(Page no) | 1 | Understand the relationship between strategic management and leadership | 1.1 | Explain the link between strategic management and leadership | 1 | | | | 1.2 | Analyse the impact of management and leadership styles on strategic decisions | 1 | | | | 1.3 | Evaluate how leadership styles can be adapted to different situations | 1 | | 2 | Be able to apply management and leadership theory to support organisational direction | 2.1 | Review the impact that selected theories of management and leadership have on organisational strategy | 1 | | | | 2.2 | Create a leadership strategy that supports organisational direction | 2 | | 3 | Be able to assess leadership requirements | 3.1 | Use appropriate methods to review current leadership requirements | 3 | | | | 3.2 | Plan for the development of future situations requiring leadership | 3 | | 4 | Be able to plan...
Words: 857 - Pages: 4
...EXECUTIVE SUMMARY 2 2. INTRODUCTION 3 3. OVERVIEW 3 3. PROBLEM IDENTIFICATION 5 4. SOLUTION 6 4.1. Establish Strategic Transformation Programme Office (Step 1) 9 4.1.1. Leadership Responsibilities 9 4.1.2. Authority, Responsibility and Accountability System 10 4.1.3. Reporting Structures and Communications 12 4.1.4. Strategic Transformation and Change Roles and Responsibilities 12 4.2. Strategic Analysis (Step 2) 13 4.2.1. Core Business and Competency 13 4.2.2. Preferred Culture 13 4.2.3. Create a Value System to Promote a Preferred Organisational Culture 13 4.2.4. Create a Vision and Mission of the Future 14 4.2.5. Create a Strategy Map 14 4.3. Strategic Development (Step 3) 15 4.4. Strategy Implementation (Steps 4 & 5) 16 5. RECOMMENDATIONS 17 6. CONCLUSION 17 7. BIBLIOGRAPHY 18 List of Figures Figure 1: Different steps 7 Figure 2: BSPM learning organisation value chain schematic 8 Figure 3: Shared Authority, Responsibility and Accountability 10 Figure 4: Programme structures for portfolios adapted from Steyn and Schmikl (2010: 130 11 Figure 5: Strategic Transformation Project-Portfolio adapted from Steyn et al. (2010: 79) 11 Figure 6: Establish Programme Office adapted from Steyn et al. (2010: 80) 12 Figure 7: Developing Strategic Options adapted from Steyn et al. (2010: 82) 15 List of Tables Table 1: Problems Identified against performance improvement strategies 5 Table 2: Strategic Transformation Programme Management Process 8 Table 3:...
Words: 3745 - Pages: 15
...CORPORATE STRATEGY AND STRATEGIC MANAGEMENT SPRING TERM 2015 Course Lecturer: Professor James Rafferty Course Tutor: Mr Tahiru Liedong Course Description The course is concerned with the Strategic Management issues and tasks faced by general managers in organisations. These involve determining the purpose and direction of the organisation, establishing objectives and formulating strategies to achieve them, which take account of changes in the environment and the organisation’s competence. The management of strategic decisions also deals with the problem of implementation, of planning change and creating an appropriate structure and culture to effect change. In addressing the scope of this topic we will examine the issues from a theoretical and practical perspective, highlighting the dichotomy between the various schools of thought, tools of analysis and research orientations. As Corporate Strategy and Strategic Management is concerned with complex decisions and management processes, throughout the course you will be required to draw on the concepts, skills and techniques previously covered in other courses within the Business and Management and related degree programmes. Course Objectives 1. To develop an understanding of the theoretical frameworks presented in the area of Strategic Management. 2. To develop the ability to analyse strategic issues within organisations. 3. To understand the strategy formulation process...
Words: 1376 - Pages: 6
...competition in market is getting intense day by day. The management is required to optimally deploy its resources for enhancing profitability and growth of business. The need of minimizing to vulnerability of depending on single market is also crucial and required business expansion in different regions. It is therefore necessary for the management of the bank to strategically utilize its limited resources so that the growth of the bank can be maintained in the competitive environment. The role of management practices is crucial in ensuring the business growth but necessary to be aligned with the rapidly changing behavior of market. It was highlighted by Charles Hill & Dr. Jones (2007; pp. 335) that management enhances its skills for exploring new business opportunities and deploys its resources to fulfil the needs of market. In this regard the strategy of business is also required to be appropriate so that it can enable the management to attain its goals. These measures particularly enhance the management skills through which the influence of market environment on operations can be ascertained. It is therefore crucial for the management to adopt appropriate strategy because it helps in strategically managing the operations of bank. Through strategic management practices the growth of bank can be instigated in the market. In this project, strategic management practices of the Royal Bank of Scotland (RBS) are explored. 2. Research Questions The research questions facilitates...
Words: 3307 - Pages: 14
...Learning Objective 1 KEY: Knowledge MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 2. A generic business strategy is one that can be used in all industries and by all types of firms. ANS: T PTS: 1 REF: Page 99 OBJ: Learning Objective 1 KEY: Knowledge MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 3. Wal-Mart has not adjusted its business model since the mid 1990s. ANS: F PTS: 1 REF: Page 99 OBJ: Learning Objective 1 KEY: Knowledge MSC: AACSB: Reflective Thinking | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 4. Competitive scope describes the breadth of the target market the organization wishes to serve. ANS: T PTS: 1 REF: Page 99-100 OBJ: Learning Objective 2 KEY: Knowledge MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 5. In general, firms with a standardized product should narrowly segment their market. ANS: F PTS: 1 REF: Page 100 OBJ: Learning Objective 2 KEY: Comprehension MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 6. Typically, the customers of organizations using the cost-leadership strategy are not highly loyal. ANS: T PTS: 1 REF: Page 101 OBJ: Learning Objective 4 KEY: Comprehension MSC: AACSB: Analytic | Management: Strategy | Dierdorff & Rubin: Strategic & Systems Skills 7. A firm following a cost leadership...
Words: 3275 - Pages: 14
...INTRODUCTION TO STRATEGIC MANAGENT 1.0 Introduction This chapter introduces the concept of strategic management and provides an overview of strategic management. This chapter is divided into six sections. The first section explains the evolution of the strategic management concept. This is followed by the second section on definition of strategic management. The third section describes the context in which strategic management takes place. This is followed by the fourth section which covers the scope of strategic management. The fifth section shows some of the benefits of strategic management for organizations. Finally the sixth section describes the process of strategic management. Upon the completion of this chapter you should be able to: 1. understand the concept of strategic management 2. know the brief history of the strategic management concept 3. understand the definition of strategic management 4. know the context in which strategic management occurs 5. comprehend the scope of strategic management 6. describe the benefit of strategic management 7. know the strategic management process 1.1 Introduction to the Strategic Management Concept Strategic management is a concept that originated from the military field. The concept of strategic management was first applied in ancient battles. The period around 500 B.C. saw numerous battles that took place Greece and China. The early written record on strategic management can be traced back during this warring...
Words: 4525 - Pages: 19
...PEST Analysis in strategic Human Resources Planning Hamid Reza Qasemi Islamic Azad University of Iran, Aligoodarz Branch Hamid-reza@myway.com Abstract: The present complex world require as far as is feasible, it consider impact of important factors related to organizations in strategic planning. The strategic planning of business includes all functional subdivisions and forwards them in a united direction. One of these subsystems is human resource management. Strategic human resource management comes after the strategic planning, and followed by strategic human resource planning as a major activity in SHRM. In strategic human resource planning, it can use different analytical methods and techniques that one of them is PEST analysis. This paper introduces how to apply it in a new manner. This manner is result of practical case of application of SHRP in an organization. Key words: PEST Analysis/ Strategic Human Resource Planning/ Strategic Human resource Management. 1. Introduction: Planning is about change and change management is a difficult. Rise and fall of strategic planning indicates organizations find tools to help to navigate organization's ship into the uncertain water of change. Success of a program is difficult to assess, as changing objectives and goals and the results are not simply measurable (Martinez: 1999). The organizations always are attempting to coordinate their resources, feasibilities, tools and capital in certain framework for...
Words: 2107 - Pages: 9
