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 ***** relationship between the organization ***** its environment. Chandler's work ***** identified the importance ***** strategy management in an organization and ***** various ways organizations like Sears, General Motors, *****uPont ***** Standard Oil strategize and planned their operations in the 1920's. Ch*****ler postulated that a firm's structure is (***** time) determined by ***** strategy; and the common denominator of ***** ***** strategy is the enterpr*****e's resources to market demand. (Chandler, 1962)

In the journal article "What is strategy?" ***** primary author, Porter, states that the current environment in which ***** operate are very dynamic. And positioning, ***** was once the core of strategic management does not work any longer. Every organization has a unique *****nd individual business structure in the market place. As a consequence the structure resembles a puzzle th*****t needs ***** be solved from with*****. Modern ********** are challenged constantly by a combination of technology changes, ***** changes, logistic challenges, customer demands and human resource challenges. Companies, ***** identifying ***** core competencies and cultivating these options to generate revenue for the organization, can maintain their 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 *****ternal factors affect an org*****ization. These determine a strategy, which has to ***** equally well under all conditions. Wal-Mart identified ***** chose to use ***** strategy ***** competing on the price of a product. Wal-Mart and Kmart were two leading retail stores in the US that chose this management ***** (Aust, 2002) In order to achieve ***** object however, the two companies chose drastically different methods of implementation; Wal-Mart spent considerable time ***** effort in ***** ***** variables ***** affected ***** return on investment. They made major changes in the way *****y did business; they changed their logistic and warehousing systems; they also invested extensively in new ***** and *****formation systems. These ***** internal *****. They were implemented throughout the organization. Wal-Mart *****n evaluated the external factors that affected 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 profit margins on the goods sold; ***** generated revenue by ensuring that *****y turned over inventory at a f*****ster rate than any of their competitors. Currently Wal-Mart's st*****gy is for profit ***** revenue generation is a model that none of the competitors in the retail ***** can match.

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


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