December 10, 2012
Strategic Management Process Paper In business, strategy relates to the game plan that is used to achieve all the goals that have been set for the organization. Strategy helps to not only achieve long term goals but also tends to give organizations the tools to achieve and maintain a competitive edge over their counterparts in the industry. Much the same as any task in business, no matter how strong a strategy is, all stakeholders involved have to fully understand what is involved in it and what is expected of each person in order to achieve the success that has been projected in the strategic plan. In addition, when devising a strategic plan, it is very important to make sure the plan has goals that are achievable by the stakeholders. A strategic plan can look perfect and show high returns on paper, but if stakeholders are not properly educated on what is expected of each one of them and quite honestly if they are not each capable of accomplishing their job duties the strategic plan is going to fail (Rambo, 2013). Making sure every stakeholder is educated and fully understands all the expectations of their position can be and usually is the difference between achieving the goals or failing and wasting time retooling the plan and starting over from scratch. General Electric (GE) is a corporation that has been around for generations supplying most every household with one type of electronic device or another. Although other corporations have entered the electronics field and some have succeeded while others, in time have failed, General Electric has managed to remain profitable and successful. In order to do that General Electric devised a strategic plan named, Ecoimagination which determine what challenges face the organization and what it will take to overcome those challenges (Wheelen, Hunger, 2010).
Determining what the weaknesses are in an organization is
References: Rambo, C. (2013). Influence of the Capital Markets Authority’s Corporate Governance Guidelines on Financial Performance of Commercial Banks in Kenya. Retrieved on December 8, 2012 from: https://ehis.ebscohost.com/eds/detail?vid=2&hid=117&sid=3fc3c94c-1679-42f1-bb1a-4a5bdf45efac%40sessionmgr111&bdata=JnNpdGU9ZWRzLWxpdmU%3d#db=bth&AN=82250253 Wheelen, J., Hunger, J. (2010). Concepts in Strategic Management and Business Policy Achieving Sustainability, Twelfth Edition. Retrieved on December 8, 2012 from: https://ecampus.phoenix.edu/content/eBookLibrary2/content/eReader.aspx?assetMetaId=b34ef093-02c4-4e0f-a927-da2ee4e8ef25&assetDataId=6f8913a4-d17f-491a-8a93-cdd0845e01ac&assetpdfdataid=6c4c8e0a-877e-436b-9e90-48a4d6d51afa.