Tasman Arts Training Institute: Strategic Management
TATI (Tasman Arts Training Institute) is an organisation that with the implementation of Strategic Management has the capacity to become a functioning, financially viable institute with a sizable market share in the arts education industry. The strategic management process is a philosophical approach to business and can be characterised through establishing a mission, creating objectives, and devising strategies, then through external and internal assessment creating strategy which is then implemented and checked on by strategic control. With the application of strategic management the CEO Ethan Williams has decision choices between alternative courses of action in order to establish TATI’s competitive advantage.
Strategic management is the process of formulating and implementing strategies that achieve organisational goals in a competitive environment (Schermerhorn...et al., 2014) and is best implemented when everyone within the business understands the strategy. For Ethan the first step of strategic management is his need to identify and analyse a current mission, objectives and devise strategies. Implementing a mission statement will give Ethan a direction to follow through strategic changes. The mission is the organisation’s reason for existence in society (Schermerhorn...et al., 2014). An important test of mission is how well it serves TATIs stakeholder, which include the employees, shareholders, customers, suppliers and the community surrounding it. With an effective mission TATI will be able to implement further stages of the strategic management process. Ethan then needs to look at operating objectives within TATI. According to Drucker “Objectives must be derived from what our business is, what it will be, and what it should be. They are not abstractions. They are the action commitments through which the mission of a business is to be carried out, and the standards against which performance is to be measured. Objectives, in other words, represent the
Strategic management is the process of formulating and implementing strategies that achieve organisational goals in a competitive environment (Schermerhorn...et al., 2014) and is best implemented when everyone within the business understands the strategy. For Ethan the first step of strategic management is his need to identify and analyse a current mission, objectives and devise strategies. Implementing a mission statement will give Ethan a direction to follow through strategic changes. The mission is the organisation’s reason for existence in society (Schermerhorn...et al., 2014). An important test of mission is how well it serves TATIs stakeholder, which include the employees, shareholders, customers, suppliers and the community surrounding it. With an effective mission TATI will be able to implement further stages of the strategic management process. Ethan then needs to look at operating objectives within TATI. According to Drucker “Objectives must be derived from what our business is, what it will be, and what it should be. They are not abstractions. They are the action commitments through which the mission of a business is to be carried out, and the standards against which performance is to be measured. Objectives, in other words, represent the