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Benefits of strategic management
Benefits and limitations of strategic planning
Company-wide strategic planning
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The Strategic Plan of Able Limited a subsidiary company of Walden International details goals for the next ten years. The plan also encompasses the strategies to achieve our initiative of breaking and leading in the global market and measures by which we will evaluate our progress. This plan is created in consideration of all our stakeholders. The plan will be updated yearly which will enable us to give account of our achievements, need for modification on new mission requirements and how to improve on our performance measurement ways.
Able Limited is a growth oriented company. The need for this strategic initiative is to formulate, implement and ramify our strategies on how to break into the global market and maintain a high proficiency in our operation. The ten-year strategies include attaining core targeted global markets, providing products with differential advantage and obtaining the best product branding position (Evens& Wurster, 1997)
Our Mission is to provide high quality and convinient services but the most important aspect is to achieve great customer satisfaction by incorporating a global marketing mix that will create us a global market niche. Our vision is to provide advanced technology, software and Information Technology (IT) services and communication with a competitive edge in order to be the managing and leading corporation in the global market. Our philosophy is to operate in high levels of integrity and transparency with our highly esteemed customers, suppliers and other stakeholders in a social productive manner. The five year strategic objectives entail how we are going to attain a steady growth and attain at least twenty five percent share of the global market, provision of information systems relate...
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... is exposing of our shortcomings regardless of effect on threat exposed as this will assure transparency to our clients.
In conclusion, successful strategic goal formulation and implementation is therefore important due to the dynamism nature of the business environment. In order for us to break into the global market in style we should act in line with the niches that we have identified in which we are sure to survive and prosper (Locks, 1989).
References
Ernest, D. (2001).Management: Theory and Practice. MC Graw Hill. Kgakusha Press Ltd.
Locks, A. (1989).Relationship of success and expectation to affect on goal seeking tasks. Journal of Personnel Social psychology. pp142-154
Evens, P & Wurster, T. Strategy and the New Economics of Information. Harvard Business Review, 1997.
Kearney, A. (1992). A business process perspective. Kentucky. Kearney Press Inc
Once an organization develops a mission statement, the next step in strategic planning is to align the company’s goals. The goals for a business should reflect the vision and mission of an organization, as well as assist in achieving the overall purpose of the company. Establishing organizational goals promotes the business’ mission and specifies the focus in which staff members should implement in day to day operations.
Most recent theories on motivation conclude that people will start certain behaviors under the belief that this behavior will accomplish desired goals or outcomes. With Lewin (1936) and Tolman (1932) leading the charge, the goal-oriented behavior led researchers to want to understand more on the psychological value people attribute to goals, people’s expectations on reaching these goals, and the structures which keep people striving to achieve these goals. After some recent findings on goal-oriented behavior, researchers were able to differentiate different types of goals, whereas before researchers assumed that goals that were valued the same, with the same expectations of achievement, would need the same amount
Arthur, A., Thompson, Margaret, A., Peteraf, John, E. Gamble, A., J., Strickland III. (2014). Crafting & Executing Strategy: The Quest for Competitive Advantage 19e: Concepts & Cases. C6-C25.
The theory of goal setting was developed by Edward Locke and Gary Latham (1990) and states that there is a direct relationship between the setting of specific high goals and task performance. A higher degree of employee performance is obtained when specific goals are set compared to the performance achieved when employees are simply told to do their best (Latham & Locke, 2007). These findings have helped shape leadership styles and improve employee performance and job satisfaction (Posthuma & Al-Riyami, 2012).
Numerous definitions of strategy exist, in most circumstances strategy can loosely be explained as an overall plan of deployment of resources to ascertain a favourable position within a market (Zablah, Bellenger and Johnston 2004; Grant 1994, p 14). Further, imbedded in many successful organisations are strategies, the importance of which is to remain relevant in the market, and successful in the various attributes of business; profiteering, employee motivation, maintaining sustainable core competencies, effectiveness in operation, or efficiency in the conduction of operations. Therefore challenges involved in the formulation and implementation of a strategy can revolve around the overall external market, as well as internal
The company’s vision is” To be world’s most customer oriented company, to create a platform where individuals can visit to find, get anything they desire and purchase it
Porter, M. E., 1999. The Five Forces that Shape Competitive Strategy. Harvard business review, p. 80.
The managers must set organizational goals aligned with the company mission. This will provide a strategy for achieving those goals. For example, planning can be seen at every level such as creating goals for sales as well as for the customer experience (Higgins, 1994).
Locke, Edwin A., and Gary P. Latham. "New Directions in Goal-Setting Theory." Current Directions in Psychological Science 15.5 (2006): 265-68. Print.
Kingma, B. R. (2001). The economics of information: A guide to economic and cost-benefit analysis for information professionals (2nd ed.). United States of America: Libraries Unlimited.
Porter, M. E. (2008). The five competitive forces that shape strategy. Harvard business review, 25-40.
Based on hundreds of studies, the major finding of goal setting is that individuals who are provided with specific, difficult but attainable goals perform better than those given easy, nonspecific, or no goals at all.
The mission statement of the company was “As we grow as a company, it has become more and more important to explicitly define the core values from which we develop our culture, our bran...
An organisation’s mission is the back bone of all strategic decisions; the mission will have an influence on all activities performed within the organisation, because if they aren’t achieving their mission an organisation is failing. The long term strategic goals of an organisation should directly aim to achieve their mission and these goals are what performance can be measured off. Without specific goals attempting to measure performance is pointless, and identifying who or what the main focus of these goals is the key to optimisation.
It is important for organisations to achieve their goals, as this can assist them to reach a competitive advantage, which is a highly attractive position for a firm to be in.