For a company to succeed in its businesses, strategic management must be its main agenda. Managing multinational companies can be a hectic job and can end up in disarray if not well structured. Strategic management is based on a company’s top brass of management. The top management of the company is always at the center of decision making process on behalf the real owners of the company. This set up is in charge of mobilizing resources and structuring the company to match the external business environments. Formulating policies, planning and setting of objectives is the management’s concerns. Strategic management also deals with the achievement of the company’s vision through fast tracking the mission, programs and projects. In strategic management, there is a deliberate effort by the management to strike a scorecard that is balanced through evaluating the general performance of the business and the steps toward the achievement of the business’ set objective. Strategy in any business or company is in line with the expectations of all the stake holders of the business and must be based on the stakeholders’ objectives. Most multinational companies that have managed to be main players in the global business market have history of effective strategic management measures and settings. Such companies include the Coca-Cola Company, the Toyota Company, and the Hyundai Company among other multinational companies. Strategic management is the backbone of a successful multinational company or global business. Witcher & Chau (2010) Background study
For any company or business to be competitive in the market, there must be a high level and a well coordinated strategy management which is the fundamental aspect of tactics and goal setting. Strategic management is always vital in offering the direction to the business and its ultimate success. In business administration, strategic management and strategic consistency between the business and its environment needs to be struck. In various companies, strategic management is always undertaken by a management team which is mostly comprised of a Board of Directors among other stakeholders. Amason (2010) Different companies employ different strategic management approaches in trying to stay competitive in the business environment. The management boards in different companies apply different processes of evaluation and controlling the businesses and the various industries that are involved with the company. This is the case in two leading automobile companies, the Toyota and Hyundai companies. In assessing their competitors’ strategies, the two companies use various strategy management processes. Despite executing different strategic management forms, both companies consider basic factors in strategically managing their businesses. Such include the size of the organization and the need to adapt to the changes of the business environment. In order to achieve the objectives of any company, there are various aspects and concepts that need to be explored. A strategic management which is more structured may be employed in consideration to the size of the company, operations, requirements and the views of the stakeholders. Strategic management plays a very important role in shaping the way a business is run or the success and achievements of a company. Nevertheless, strategic management is always tied to the goals, vision, mission and the objectives of the company. In managing a company, the management board or team do work towards the views and expectations of the owners of the company or business. Hitt, Ireland & Hoskisson (2009) Toyota Motor Corporation
The Toyota Motor Corporation is based at Toyota at Aichi in Japan. The multinational company is an automaker with a large employee base of over 400000 employees with the...