Strategic planning: The process of developing and maintaining a strategic fit between the organization’s goal and capabilities and its changing marketing opportunities. It involves defining a clear company mission, setting supporting objectives, designing a sound business portfolio, and coordinating functional strategies. Strategic planning sets the stage for the rest of the planning in the firm. Companies usually prepare annual plans, long range plans, and strategic plans. The strategic plan involves adapting the firm to take advantage of opportunities in its constantly changing environment.
Developing Managers: The Functional, the Symbolic, the Sacred and the Profane [*]. Author/s: Ken Kamoche Abstract This paper offers a new perspective on international management by examining the role of culture and management development in creating international expertise, a sense of identity and realizing organizational control. A critical analysis of the culture transmission and management development philosophy and practice of a UK-based transnational reveals how the transmission of culture accomplishes management development objectives, while management development itself serves as a vehicle for the transmission of the desired corporate values. This recursiveness is sustained by a corporate ideology that urges the creation of integrative values and, in turn, is legitimized by the quest for favourable functional and symbolic consequences. Descriptors: management training and development, culture, ideology, functionalism, symbolism Introduction Reconciling headquarter-subsidiary interests while maintaining a distinct identity continues to be a major challenge for multinational firms, hence the think global/act local paradox.
2.2. Business Strategy definitions and interpretations In general terms business strategy is the direction and scope of an enterprise extended over the long term. It evolves within challenging environments namely internal and external expansion. The aim is to achieve growth and competitive advantage through judicious use and optimization of its strategic human and material resources. Johnson and Scholes (2010), in their book, Exploring Corporate Strategy define strategy thus: "Strategy is the direction and scope of an organisation over the long-term: which achieves advantage for the organisation through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfill stakeholder expectations" (Johnson and Scholes, 2010) Therefore business strategy is about the company’s direction, scope, market positioning, competitive advantage, human and material resources, internal and external environments, and stakeholders who directly or indirectly influence the business development. Meeting the needs and exigencies of markets and fulfilling stakeholders expectations remain the focus of strategies at different levels within an
Thomson el all (2002, pp. 3-15)) elaborate that strategic management is process about defining the purpose of existent of an organization, formulating a long term strategy to fit the organization’s external and internal situation, build sustainable advantage and improve organization performance. In contrast, strategic leadership is a function that drives the strategic management process in the organization. In view of this, the author would like to adopt a stand that strategic leadership is different from strategic management but both intertwined and co-exist to compliment each other. Strategic management will not exist without strategic leadership.
Corporate strategy provides overall direction, which provides the framework to perform functions throughout the organization. Strategy is a clear vision of the outcomes to be reached, resources necessary to reach those outcomes, and relationships with clients, competitors and other participants of the external environment. Operations strategy, as the main part of corporate strategy has to develop common policies and plans for the most efficient use of company resources. What is the Strategic role of Operations within the corporate strategy? Operations constitute essential part of activities in the value chain (O'Shaughnessy, 1997).
Generally, strategic intent is a compelling statement about where a corporation expects that succinctly conveys a sense of what the company desires to accomplish in the long term. According to the article “Strategic Intent,” Hamel and Prahalad argue that “The strategic intent usually incorporates
1. UNDERSTAND THE RELATIONSHIP BETWEEN STRATEGIC MANAGEMENT AND LEADERSHIP 1.1 Explain the link between strategic leadership and management. Strategy management can be characterized as "the precise investigation of the elements connected with clients and contenders (the outside environment) and the association itself (the inner environment) to give the premise to keeping up ideal administration rehearses. The goal of vital administration is to accomplish better arrangement of corporate strategies and key needs". As it were, Strategy management is the procedure of indicating an association's goals, creating strategies and arrangements to accomplish these destinations, and apportioning assets in order to execute the arrangements.
Core Marketing Functions Marketing is an important part of a business similar to research and design, finance or operations. There are various dimensions in marketing, which together help the business make sales. The first core marketing function is corporate marketing, which according to Saini & Krush (2008), has a global marketing outlook. It involves the presentation of the organization in a positive manner to the investors, public and other relevant organizations in an attempt to meets the objectives. Strategic marketing is another core marketing function that is involved in devising mechanism for achievement of proposed goals through integrating the opportunities available with optimization of organization departments such as production
Formulation and Implementation of Corporate Strategy Corporate strategy is concerned with broad decisions about an organization's scope and direction. It is defined as "the pattern of decisions in a company that determines and reveals its objectives, purposes, or goals, produces the principle policies and plans for achieving those goals, and defines the range of business the company is to pursue, the kind of economic and human organization it is or intends to be, and the nature of the economic and non-economic contribution it intends to make to its shareholders, employees, customers, and communities" (Ghoshal, Lampel, Mintzberg, & Quinn, 2004, pp. 72). This paper will discuss formulating strategy. It will also discuss implementation and its importance.
As a part of successful organizations, the corporate organizational imperative strategic is associated with the large organizations ' growth. Organizational imperative strategic involves uncommon events and recognition of entrepreneurial firms. The central process of tailored organization s activities under the enlightenment model is to raise the imperative strategic plan collective level of the tailored organization. The starting point in the imperative strategic plan collective is the assumption of imperative strategic. Otherwise, imperative strategic planning management would prefer to take a imperative strategic planning earlier on in life so that employers could learn about their hidden abilities from work experience.