Strategic Management in Business Term Paper

Pages: 8 (2332 words)  ·  Bibliography Sources: ≈ 18  ·  File: .docx  ·  Level: College Senior  ·  Topic: Business

SAMPLE EXCERPT . . .
The technique for exploring performance shortfalls is to review the business's financial return and to drill down through the components of this return to locate and assess the key determinants of performance.

Address Causes Not Symptoms

In reviewing a business it is essential to cut through the symptoms of problems and reach the underlying causes. Questions that can assist in revealing the real causes include the following:

What stopped the business from?"

What caused the cause of?"

Why didn't the business achieve a 25% return?"

USE OF SWOTs

Having built up a picture of the company's past aims and achievements, the SWOT (strengths, weaknesses, opportunities and threats) analysis can commence.

Strengths and weaknesses are essentially internal to the organization and relate to matters concerning resources, programs and organization in key areas. These include:

Sales - marketing - distribution - promotion - support;

Management - systems - expertise - resources;

Operations - efficiency - capacity - processes;

Products - services - quality - pricing - features - range - competitiveness;

Finances - resources - performance;

R&D - effort - direction - resources;

Costs - productivity - purchasing;

Systems - organization - structures.

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In a start-up being planned, the strengths and weaknesses are related mainly to the promoter(s) - their experience, expertise and management abilities - rather than to the project. The objective is to build up a picture of the outstanding good and bad points, achievements and failures and other critical features within the company. (Coates, J.F., Inc. (1985, July).

The external threats and opportunities confronting the company can exist or develop in the following areas:

The company's own industry where structural changes may be occurring (Size and segmentation; growth patterns and maturity; established patterns and relationships, emergence/contraction of niches; international dimensions; relative attractiveness of segments);

Term Paper on Strategic Management in Business Assignment

The marketplace which may be altering due to economic or social factors (Customers; distribution channels; economic factors, social/demographic issues; political & environmental factors);

Competition which may be creating new threats or opportunities (Identities, performances, market shares, likely plans, aggressiveness, strengths & weaknesses);

New technologies, which may be, causing fundamental changes in products, processes, etc. (Substitute products, alternative solutions, shifting channels, cost savings etc.)

Against an uncertain and shifting background, the objective is to identify and prioritize the key SWOTs in a one-handed manner.

Once the SWOT review is complete, the future strategy may be readily apparent or, as is more likely the case, a series of strategies or combinations of tactics will suggest themselves. The business would use the SWOT's to help identify possible strategies as follows:

Build on strengths,

Resolve weaknesses,

Exploit opportunities,

Avoid threats.

Works Cited

Aguilar, F. (1967). Scanning the business environment. New York: Macmillan.

Brown, A., & Weiner, E. (1985). Super managing: How to harness change for personal and organizational success. New York: Mentor.

Brown, L.R., Slavin, C., & Postel, S. (1991). Saving the planet: How to shape an environmentally sustainable global economy. New York W.W. Norton and Co.

Coates, J.F., Inc. (1985, July). Issues identification and management: The state of the art of methods and techniques. Research project 2345-28. Palo Alto, CA: Electric Power Research Group.

Corson, W. (Ed.), (1990). Global ecology handbook. Boston: Beacon Press.

Fahey, L., King, W.R., & Narayanan, V.K. (1981). Environmental scanning and forecasting in strategic planning: The state of the art. Long-Range Planning, 14 (2), 32-39.

Fahey, L., & Narayanan, V.K. (1986). Macro environmental analysis for strategic management. New York: West Publishing Company.

Marien, M. (in press). The good books imperatives: Keeping up in futures studies. In J.F. Coates & J. Jarratt (Guest Eds.), the Annals of the American Academy of Political and Social Science. Neubury Park, CA: Sage.

Marien, M. (1991, September). Scanning: An imperfect activity in an era of fragmentation and uncertainty. Futures Research Quarterly, 7 (3), 82-90.

Mecca, T.V., & Morrison, J.L. (1988). Pathways to the Future: Linking environmental scanning to strategic management. Community College Review, 15 (4), 35-44.

Morrison, J.L. (1985). Establishing an environmental scanning process. In R. Davis (Ed.), Leadership and institutional renewal, New directions for higher education: No 49. San Francisco: Jossey-Bass.

Morrison, J.L., Renfro, W.L., & Boucher, W.I. (1984). Futures research and the strategic planning process: Implications for higher education. ASHE-ERIC Higher Education Research Report No. 9. Washington, D.C.: Association for the Study of Higher Education.

Neufeld, W.P. (1985, September). Environmental scanning: Its use in forecasting emerging trends and issues in organizations. Futures Research Quarterly, 1(3), 39-52.

Renfro, W.L., & Morrison, J.L. (1983). The scanning process: Getting started. In J.L. Morrison, W.L. Renfro, & W.I. Boucher (Eds.), Applying methods and techniques of futures research. New Directions for Institutional Research No. 39, (pp. 5-20). San Francisco: Jossey-Bass.

United Way of America. (1985). Strategic management and united way. Washington, DC: author.

Wilson, Ian (1994). Strategic planning isn't dead -- it changed, Long-range planning, 27 (4), 12-24.

Wilson, Ian (1992). Realizing the power of strategic vision. Long-range planning, 25 (5), 18-28.

Stokke, R.R., Boyce, T.A., Ralston, W.K., and Wilson, I.H. (1991). Visioning (and preparing for) the future. Technological forecasting and social… [END OF PREVIEW] . . . READ MORE

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