Essay - Strategic Management in 1962, Alfred D. Chandler, in His Book...


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Strategic Management

In 1962, Alfred D. Chandler, in his book "Strategy and Structure," first *****troduced the concepts of strategy. Strategic management deals with the relationship between ***** organization ***** its environment. Chandler's work ***** identified the importance ***** strategy management in an organization and the various ways organizations like Sears, General Motors, DuPont and St*****ard Oil strategize and planned their operations in the 1920's. Chandler postulated that a firm's structure is (in time) determined by its str*****tegy; and the common denominator of structure ***** strategy is the enterpr*****e's resources to market demand. (Chandler, *****)

In the journal article "What is strategy?" ***** primary author, Porter, states that the current environment in which organizations operate are very dynamic. And positioning, ***** was once ***** core ***** strategic management does not work any longer. E***** organization has a unique and individual business structure in the market place. As a consequence the structure resembles a puzzle that needs ***** be solved from with*****. Modern *****s are challenged constantly by a combination of technology changes, ***** changes, log*****tic challenges, customer *****s ***** human resource challenges. Companies, by identifying their core competencies and cultivating these options to generate revenue for the organization, can maintain *****ir market position ***** profits. Organizations like Microsoft, Dupont, Wal-Mart and McDonald's have implemented ***** strategies ***** stayed dominant for extended periods of time in the market.

An organization has ***** be able to look at the entire picture. External and internal factors affect an *****. These determine a str*****tegy, which has to ***** equally well under all conditions. Wal-Mart identified ***** chose to use ***** strategy ***** competing on the price of a product. Wal-Mart ********** Kmart were two leading retail stores in the US that chose this management strategy (Aust, 2002) In order to achieve this object however, the two companies chose drastically different methods ***** implementation; Wal-Mart spent consider***** time and effort in ***** the variables that affected their return on investment. They made major changes in the way *****y did ********** they changed their logistic and warehousing systems; they also invested extensively in new ***** and *****formation systems. ***** ***** internal changes. They were implemented throughout the organization. Wal-Mart *****n evaluated the external factors that ***** its organizational profit margins. The company formed partnerships with certain suppliers. Supply chains for critical elements were *****. Potential bottlenecks and constrains (which the organizational, on the whole, would experience) were *****. Wal-Mart proposed low ***** margins on the goods sold; ***** generated ***** by ensuring that *****y turned over inventory at a f*****ster rate than any of their competitors. Currently Wal-Mart's ***** is for profit ***** revenue generation is a model ***** none of the competitors in the ret*****il market can match.

K-mart, on ***** other hand, implemented traditional forms ***** management and distribution. ***** did not invest in identifying the critical ***** for the organization. In addition, managing overhead costs and human resource expenditure became an increasingly difficult task for the company. K-mart ***** not look at ***** entire

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