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Strategic management the key
Strategic management process
Strategic management process
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Businesses and organizations do what is called strategic management (Jurevicius 2013). Why? It is simple, every organization has a desire to strive and stand-out in this highly competitive industry. From a consumer’s perspective these concepts might not seem as detrimental as they do to the minds behind the systems that businesses revolves around. Nevertheless, there is a lot of tension in this fully blown out industry as companies are doing everything within their power to prosper. Several companies endure various forms of strategies that could be of possible benefit to them, however, most seem to focus their plans in on vertical and horizontal integrations. Purely because of the effectiveness that it delivers to a company’s HR system.
In closing it is important to note that making HR a strategic partner, having the ability to attain a competitive advantage through HR, creating an effective performance management policy and having the ability to effectively measure HR’s impact will be a key driver to success
The series “High Profits” demonstrates the works and restrictions of the United States government regarding the issue of legalizing recreational marijuana. Breckenridge Cannabis Club business owners, Caitlin Mcguire and Brian Rogers, demonstrate both the struggles and profits of this up and coming industry. This series portrays virtually every viewpoint possible by including opinions from an array of political actors who discuss the influence of the government on this topic and the impact this topic has on the general public.
The Meaning of Vertical and Horizontal Integration Horizontal integration is where an organisation owns two or more companies, on the same level of the buying chain. An example of this is the First Choice Group; they own First Choice Travel Agency and First Choice Hypermarket, both of which are on the same level of the buying chain. The advantage of horizontal integration is that it can increase the company’s market share. Another good example of this type of integration is when EasyJet purchased the airline Go from British Airways. Now EasyJet and Go both operate under the company name of EasyJet.
Ramlall, S., Welch, T., Walter, J., & Tomlinson, D. (2009). Strategic HRM at the Mayo Clinic: A case study. Journal of Human Resources Education, 3(3), 13-35. Retrieved from http://business.troy.edu/jhre/Articles/PDF/3-3/31.pdf
“If you live in a free market and a free society, shouldn’t you have the right to know what you’re buying? It’s shocking that we don’t and it’s shocking how much is kept from us” (Kenner). For years, the American public has been in the dark about the conditions under which the meat on their plate was produced. The movie, Food Inc. uncovers the harsh truths about the food industry. This shows that muckraking is still an effective means of creating change as shown by Robert Kenner’s movie, Food Inc. and the reforms to the food industry that followed its release.
Despite the success of his major initiatives, the current CEO, Clas Ake Hedstrom, is still looking for ways to further integrate and produce synergies amongst Sandvik’s business areas. Integration has already occurred or is being studied in human resources, marketing, and information technology. However, disagreement exists amongst managers over the amount and level at which integration is needed. Employees are also concerned about a return to centralized decision-making and loss of autonomy over their business area. Finally, it is still unclear how the cost, fit and significance of further integration may impact business area needs. The uncertainty surrounding these issues makes the whole idea of integration to create synergies questionable.
The American management scientist Joey Ross says a organization without strategy is like a ship without rudder. All its activities are calf round. Corporate strategy, defined by Michael E. Raynor, is a long-term plan of an company that aimed at creating and capturing its value in a specific product market. Vision and mission are two significant parts of the strategy. In short, the vision can be defined as “How to formulate a corporate strategy” and the mission can be defined as “How to implement that corporate strategy”. According to Tim Hannagan, corporate strategy is concerned with the range of a company’s activities in terms of whether this company focus on one part of the business activity or whether it concentrates on many. For example, Tesco, as a food retailer, it mainly sales food and sometimes clothes as well. However, recently Tesco moves into financial services. Moreover, strategy is concerned as a “bridge” or a tool. It matches the resources and the company’s capabilities to itself and finds out the possible opportunities to achieve the business goal. Therefore, Tim Hannagan regards corporate strategy as a strategic planning, “which is concerned with establishing a competitive advantage, sustainable over time, not simply by tactical manoeuvring but by taking an overall long-term perspective which directly influence line management”. Corporate strategy is based the current situation of the company and influence the company’s future. This essay will critically analyse the advantages of developing an effective corporate strategy in 2014 in terms of enterprise resource management, market share and manufacturing capacity. Competitive advantage also takes a significant part in this...
“Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment” (Lamb, 1984: ix).
Strategic management is nothing but planning for both predictable as good as unfeasible contingencies (Anon, 2015). It's relevant to both small as well as gigantic companies as even the smallest institution face competition and, using formulating and enforcing correct approaches; they may be able to obtain sustainable competitive knowledge. It is a manner where strategists set the objectives and proceed about attaining them. It deals with making and enforcing selections about the future course of an organization. It helps us to establish the course in which an organization is moving. It is supported by the system theory of management that states that managers are aware of the different systems in their organizations and how they work. It becomes the responsibility of the manager to blend the different systems together
In this essay, the question “To what extent is ‘integration’ a policy exchange in contexts of superdiversity?” will be discussed and explored in detail.
The field of Strategic human resource management (SHRM) has become a “happy hunting ground for academics” and Colbert (2004) validates it by stating that SHRM is an accumulated “plethora of statement, theories, concepts and arguments”. It is evident from these statements that there are various theories and approaches to SHRM. According to Boxall & Purcell (2000), Strategic human resource management refers to the alignment of human resource practices to strategic goals of an organization. Amongst many approaches to SHRM such as best practice, best fit or contingent approach and bundling approach, resource based view (RBV) has been instrumental to development of SHRM (Dunford, et al., 2001). This essay will infer different approaches to SHRM
Strategic management is regarded as an important process for businesses (Bowman and Asch, 1987; Kumar, 2010; Thomson and Strickland, 2003; Viljoan and Dann, 2003). The growing environment where these organization or company compete somehow will determine whether the company standstill or gone. Thus, most companies are trying to improve their performance to survive and expand. Strategic management process is important for a firm’s success because it enables a firm to develop a future direction, provides the ways to achieve its mission, and ultimately leads to value creation (Porth, 2003). A review of literature by Powell (1992) also indicates that firms who adopt strategic management generally improve their performance.
However, the true impetus driving these attributes of success results from employees. The act as the success catalysts in raising the competitiveness of the firms and their failure or absence is likely to cause a vacuum through which any organization would fail and disappear into obscurity (Kaliannan & Adjovu, 2015). Consequently, human resources (HR) policies have to be compatible with business strategic planning. It would be inappropriate to consider employees as variable expenses. Rather, they ought to be categorized as assets bearing in mind that they are precious and a critical source of competitive advantage as their skill, capabilities and experiences are for the benefit to the company. Thus, the human resources management practice adopted to the by the company need to contribute in improving performance to grow and gain sustainable competitive advantage (Paşaoğlu,
Strategic Management is vital to corporate level strategy because with strategy according to Charles Darwin’s Quote; “He speaks about the core concept of Strategic Management – which is responsive to change. For an organisation within the world as we know it today where there is no change strategic management is not necessary; however, for an organisation in an ever changing controversial world strategic management is essential. In retrospect to the healthcare industry, these organisations can adapt to the demands of its environment prospers and those organisations that are not capable of adapting become decreasingly irrelevant. By staying relevant is the key to success.
An organisation must put in place a set of practice and organisational mechanism if they are to perform better. They should also put in place an organisational strategic that clearly states objectives, thorough understanding of the socio-political context, their identity, mission, vision and probably the change they want to see as an organisation. The contingency theory clearly provides the direction of the organisation within a set period of time. This theory purely deals with the internal processes that moulds the organisation, this can be in a form of HR policies and strategies etc. Beh & Loo (2013) also applauded this theory by arguing that performance are maximised when HR policies and strategies are consistent with the organisational strategy. this theory also probes further into the relativity of HR systems, as different organisational strategies requires different structure and the use of technology (Lepak, Marrone, and Takeuchi (2004) The contextual paradigm examines both the organisation internal and external settings and ensures that the organisation is well situated to carry out its day to day operation (Som, 2012). This may include for example the role of the state, community ownership, labour market and trade unions. This is also backed up with lobby and adjusting to the requirement of government and dealing with legislations on equal opportunities which is a strategic role of the HR function (Jackson et al 1989). However, Baxall (1995)