MT 460-03: Management Policy and Strategy
Unit 2 Assignement
Prof: Ernest Norris
With the continued changing of business and the way a business operates a company must stay on the cutting edge of their business. To go about doing this the business has to continue to change and think on new ways, or old ways to attract and keep their customers, whether is be through customer service, products, or the services that are provided. Firms must achieve and sustain their competitive advantage to remain successful. Business plans are a start to making a go at running a business and remaining ahead of the game, but to be really successful a company needs to have ‘strategic management’.
Strategic management is “the set of decisions and actions that result in the design and activation of strategies to achieve the objectives of an organization” (Pearce, J. A., & Robinson, R. B., 2013). Each organization has its set of strategies to operate, or should have, starting with what the company’s vision or mission is. The Company vision is a reflection of what they stand for and what they are all about. By having a set of strategies an organization provides managers something to refer too to achieve better performance. These strategies should be used to assist a organization in determining the path that it would like to travel to achieve their goals and objectives. The goals that are set up in the analysis for the company should have short term and long-term goals. Managers should use these goals to direct how the business is operating on a day-to-day basis. Review of the goals with employees to direct their mission should be done frequently to keep them fresh in everyone’s mind. “Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises it’s competitors; and fixes goals to meet all present and future competitor’s and then...
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