Strategic Management Able Corporation Wants to Embark Thesis

Pages: 3 (914 words)  ·  Bibliography Sources: 5  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

Strategic Management

Able Corporation wants to embark on international expansion. This paper gives a cursory overview of a selection of the steps they will need to undertake in order to prepare their business plan. These include defining a mission statement for the company; setting a philosophy for implementation; defining measures; and examining legal and ethical issues pertaining to an overseas expansion.

Able Corporation, with successful operation in the United States and Canada, wishes to embark on an international expansion. In order to undertake this venture, the company needs an appropriate strategy. This strategy will incorporate an assessment of where the firm stands today and where it wishes to be in the future. A strategy will need to be formulated with this knowledge in mind, and an implementation plan created in order to execute the plan. Additionally, the progress of the plan will need to be measured, and the cycle begun over again if the progress is not on track, or no longer in line with the firm's internal and external environments (.

Mission Statement

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Before Able Corporation can embark on its expansion strategy, it must first have a sense of what it hopes to accomplish. The first step in this process is to define the company. The firm must have a sense of mission. Typically a mission statement is used to communicate the firm's mission both internally and externally. It is important to remember that the firm's mission may have changed from the time of its inception. Hence, it is important that each time a major strategic undertaking is begun, the mission statement should be renewed to ensure that it still reflects the company's mission (Radtke, 1998). The mission statement should reflect the distinctive nature of the business (David, 2008). For Able, the existing mission statement may be contained in the annual report, but if not it can be determined by looking at the nature of the company's business, and reflect where they want the business to go. Thus, we already know that the mission of the company is to market tools housewares around the world.

Thesis on Strategic Management Able Corporation Wants to Embark Assignment

Implementation is the most difficult step in the Strategic Management process (David, 2008). Prioritization of implementation steps will be based on the principles of process design. Process design is the ideal method because it is based around harnessing limited resources within finite timeframes. The key resources in this case will be the employees at Able and the business processes that exist within the company (Boyce, 2007). Undertaking any complex endeavor requires skillful and timely deployment of scarce resources. This will require mapping out timeframes and resource requirements for each step. This will guide the implementation process from start to finish.

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