Preview

Mgt 498 Week 1

Good Essays
Open Document
Open Document
699 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Mgt 498 Week 1
September, 24 2012

Strategy is defined in the corporate world as a plan to lead the company to its long-term goals and achievements. Goals and achievements are essentially a way to make sure the business has continued success and meets the demands of the business’ stakeholders. In addition, the strategy would also make sure that the long-term goals would include a return on investment to the shareholders. So the main idea behind a strategic plan is to make sure all goals and achievements are met in an always changing business environment. With any plan it is just what it is. If the plan isn’t managed to ensure effectiveness then the plan is just that… a plan that won’t go anywhere. The plan must be made up with three components to be a strategic plan: strategic position, strategic choices and translating the strategy into action.
Strategic Position In order for strategic management to work, the business must have a complete understanding of its current state and what elements may or may not affect the position of the company. Having a complete understanding of the strategic plan and how internal and external factors can affect the current position of the company will help. For example, political, legal and even social climates have changed a great deal over the past couple of decades. With laws changing and new regulations that businesses’ must follow, it is important to have the position of the plan in line with all laws and regulations not only within the state that your business is in but also with any state the business may do business within. Having a clear idea of what forces may affect the business and knowing what threats exist when making or putting a plan in place, will help the strategic plan be successful (The "Strategic Management Of British Airways Company," 2010).
Strategic Choice What is Choice? “Choice as it relates to a business plan is the process of decision-making that occurs once a review of all available data and



References: Strategic Management of British Airways Company. (2010). Retrieved from http://bizcovering.com/business/strategic-management-of-british-airways-company/#ixzz27Lyjiken

You May Also Find These Documents Helpful

  • Powerful Essays

    Many organizations spend most of their time reacting to unexpected changes instead of anticipating and preparing for them. This is called crisis management. Organizations caught off guard may spend a great deal of time and energy "playing catch up". They use up their energy coping with immediate problems, with little energy left to anticipate and prepare for the next challenges. This vicious cycle locks many organizations into a reactive posture. However, a sensible alternative is a well tested process called strategic planning which provides a viable alternative to crisis management (http://www.fpm.iastate.edu/worldclass Accessed 05.03.12). Strategic planning is a step by step process with definite objectives and end products that can be implemented and evaluated. Very simply, it is a process by which we look into the future, paint a picture of that future based on current trends, and influence the forces that will affect us. Research has revealed that those businesses that perform at the highest levels have some sort of formalized strategic plan in place and have implemented it well. On the other hand, those businesses that struggle have no plan in place and seem to flounder in their attempts to be successful. In order for a business to be successful,…

    • 3725 Words
    • 15 Pages
    Powerful Essays
  • Good Essays

    Strategic planning has a lot of advantages to it but, at the same time, there are issues/barriers and potential challenges that an organization may face. The tool to the effectiveness of any strategic plan is to find any barrier/challenge and develop a plan to eradicate the barriers. “A strategic issue is a fundamental policy question or challenge affecting an organization's mandates, mission and values, product or service level and mix, clients or users, cost, financing, organization, or management” (Cooper, 2012. p. 185). Some of the challenges include Lack of accountability, Lack of commitment, communication barriers, poor leadership, change, power and influence, lack of understanding…

    • 506 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Mission Statement

    • 1011 Words
    • 5 Pages

    * Strategy: Strategy, narrowly defined, means "the art of the general".[citation needed] - a combination of the ends (goals) for which the firm is striving and the means (policies) by which it is seeking to get there. A strategy is sometimes called a roadmap - which is the path chosen to plow towards the end vision. The most important part of implementing the strategy [citation needed]is ensuring the company is going in the right direction which is towards the end vision.…

    • 1011 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    What is a Strategic Plan

    • 1104 Words
    • 5 Pages

    A Strategic Plan is a plan within an organisation consisting of the organisation’s key goals and objectives. These goals and objectives are aimed to be achieved by a particular point in time, usually in a 3 to 5 year time period. The Strategic Plan’s sole purpose is to emphasise these factors to ensure that all members within the organisation understand where the company is heading and how it intends to reach these goals and objectives.…

    • 1104 Words
    • 5 Pages
    Satisfactory Essays
  • Powerful Essays

    Easy jet

    • 1640 Words
    • 7 Pages

    Chandler (1990) defines strategy as “the determination of the basic long term goals and objectives of an enterprise and the adoption of courses of action and the allocation of resources necessary for carrying out these goals”. Chandler therefore refers to a strategy as determining where you are now, where you want to be and what resources you need. However Porter (1996) states that “strategy is the process of creating a unique and valuable position with means of another set of activities” putting more emphasis on activities which form a strategy of a company.…

    • 1640 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    1. Strategy is an action that managers take to attain one or more of the organization’s goals. Strategy can also be defined as “A general direction set for the company and its various components to achieve a desired state in the future. Strategy results from the detailed strategic planning process”.…

    • 2066 Words
    • 9 Pages
    Powerful Essays
  • Satisfactory Essays

    english

    • 598 Words
    • 3 Pages

    As per (Norton and Hughes, 2009:p.3) strategy can be defined as a course of action, set to achieve a specific objective which includes specification of resources required. In a very raw sense, the strategy could be identified as how a person, a company, a group or even a country would get its objectives fulfilled. Strategic management is about understanding the nature of the competitive environment, stakeholder management strategies and taking relevant actions to,…

    • 598 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    A Strategy is a company’s long-term plan for how it will balance its internal strengths and weaknesses with its external opportunities and threats to maintain a competitive advantage.…

    • 1881 Words
    • 7 Pages
    Powerful Essays
  • Powerful Essays

    Sony Mobile Communications

    • 2641 Words
    • 15 Pages

    its founders or develops and that cannot be easily imitated. Core competencies are what give…

    • 2641 Words
    • 15 Pages
    Powerful Essays
  • Powerful Essays

    Strategic Mgt

    • 2465 Words
    • 10 Pages

    Strategy is a plan that is aimed to give a competitive advantage to the organization over rivals through differentiation. Creating a strategy begins with extensive research and analysis. It is the process through which senior management concentrates on top priority issues tackled by the company to be successful in a long term.…

    • 2465 Words
    • 10 Pages
    Powerful Essays
  • Satisfactory Essays

    Event Strategy

    • 7552 Words
    • 31 Pages

    A strategy is a long-term plan of action, encompassing all divisions of the organisation and designed to achieve organisation-wide goals. Once an organisation, such as a company or government department, reaches a certain level of complexity, it is necessary to have a common method and direction understood by all the divisions or departments. The strategy provides the common direction for all the subdivisions. It enables the various departments to work in their area of specialty and know they are helping the organisation as a whole. Generally large organisations have strategic plans with 3, 5 and 10-year cycles. Near the end of each cycle the past strategic plan is evaluated and the new strategic plan is developed. Despite insightful criticism of strategic planning by analysts such as Henry Mintzberg, organisations invariably use it. Understanding the strategy of an organisation is essential to understand the reason for their events and the feasibility of future events. The limitation of strategic planning is that the plan, once adopted, tends to have a life of its own, regardless of the…

    • 7552 Words
    • 31 Pages
    Satisfactory Essays
  • Powerful Essays

    Strategic planning is the component of strategic management that aims at the formulation of a firm’s strategy. It is argued that the process of strategic planning should consist of a logical sequence of steps.…

    • 10264 Words
    • 42 Pages
    Powerful Essays
  • Powerful Essays

    rtyrty

    • 3452 Words
    • 12 Pages

    a) Corporate strategy involves answering a key question from a portfolio perspective: "What business should we be in?" Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company's top management on behalf of owners, based on consideration of resources and an assessment of the internal and external environments in which the organization competes. Strategic management provides overall direction to the enterprise and involves specifying the organisation's objectives, developing policies and plans designed to achieve these objectives, and then allocating resources to implement the plans. Academics and practicing managers have developed numerous models and frameworks to assist in strategic decision making in the context of complex environments and competitive dynamics.[2] Strategic management is not static in nature; the models often include a feedback loop to monitor execution and inform the next round of planning.…

    • 3452 Words
    • 12 Pages
    Powerful Essays
  • Good Essays

    Strategy

    • 893 Words
    • 4 Pages

    Strategy is a plan of action which is designed to help achieve a long term goal. It is how the plan of action is decided that determines whether the strategy developed will be achieved. It is all about the analysing the strength of businesses' position and understanding the important factors that may influence that position. Strategy is of paramount importance in the business world, as without it managers and employees will be unable to coincide with each other and therefore the organisation will be unsuccessful reaching this goal.…

    • 893 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Electronic Commerce

    • 2740 Words
    • 11 Pages

    A strategy is a broad-based formula for how a business is going to compete, what its goal should be, and what plans and policies will be needed to carry out those goals. The elements of a strategy include forecasting, resource allocation, core competency, environmental analysis, company analysis, and business planning.…

    • 2740 Words
    • 11 Pages
    Satisfactory Essays