Case 2: Wallace Group Essay

Strategic management is the art and science of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its objectives. It involves the systematic identification of the firm 's objectives, nurturing policies and strategies to achieve these objectives, and acquiring and making available these resources to implement the policies and strategies to achieve the firm 's objectives. Strategic management, therefore, integrates the activities of the various functional sectors of a business, such as marketing, sales and production to achieve organisational goals. It is the highest level of managerial activity, usually

See Chapter 1, Exhibit 01: Strategic management consists of the analyses, decisions, and actions an organization undertakes in order to create and sustain competitive advantages:

Strategic management is the process where leaders establish an organization’s long-term direction, set the specific performance objectives, develop strategies to achieve these objectives in the light of all external and internal changes, and undertake effective strategies to manage these changes and execute action plans.

Strategic planning can dictate the success of any organization if properly planned as well as the failure of an organization if not implemented as planned. Strategic planning is all about making choices. It is a process designed to support leaders in being intentional about their goals and methods. Simply stated, strategic planning is a management tool, and like any management tool, it is used for one purpose only—to help an organization do a better job. This portion of the strategic plan will explain why an

Strategic Planning is the process of developing and maintaining a strategic fit between the organizations goals and capabilities as well as emerging market conditions and opportunities. This process begins with a clear company mission statement. However, this is only a small piece of a dynamic and perpetual process. Other activities involved with strategic planning also include setting supporting organizational objectives, designing a sound product mix as well as coordinating functional strategies. Strategic planning works to set the groundwork for the rest of the subsidiary planning functions in the company.

The many factors of strategic management are implemented in every form. That is the separation between a business/organization and just an idea. The strategy of developing methods based on data, implementing the methods and then reconstructing the strategy as you see the uncover opportunities for improvement. Strategic management is a relevant to every organization or company that has a goal to be effective and progressive in their

Managing a strategic plan is about setting the underpinning aims of an organization, choosing the most appropriate goals and fulfilling them overtime (Masood et al., 1995). Furthermore, managing a strategic plan can be defined as the art of formulating, implementing and evaluating cross-functional decisions that helps as organization to achieve their objectives (Analoui & Karami, 2003, p. 5).

What Is Strategic Management a process for defining and addressing the management implications of an organization's strategic and operational plans? A long-term context for short-term activities. Strategic management is the analysis of the work done by the management of an organization on behalf of the owners. It gyrates around expressing the purposes of the organization and coming up with an appropriate mission and vision statement. Mission and vision statement together are used to help develop policies and plans to be used in long term and short term goals often categorized as projects or programs. It also involves the right resources of management to ensure that the business profit are maximized to grow the company. Strategic Competitiveness

c. I would also recommend to Mr. Wallace is the adoption of a more horizontally managed, interactive organization instead of the traditional vertical or top-down organization. This is more conducive to the organizational learning theory that can make the Wallace Group become a learning organization (Wheeen & Hunger, 2006, p. 9).

In order to have an effective strategic plan there are three stages of development. They are analysis, formulation, and implementation. An in-depth analysis is used to formulate strong conclusions such as making the right choices and prioritizing implementation decisions. Managers must formulate where and how best to tactically focus their resources. And thirdly, managers must implement strategic action plans on stick priority basis. The importance of the new strategy must be communicated to every employee and everyone else that management requires commitment for its successful implementation (Shetcliffe, 2007).

This paper will address the most important problems facing The Wallace Group. Recommendations to Harold Wallace, President and Chairman of the organization will be formulated, in an effort to begin the process of restructuring the company for development and growth. Finally, a description of how to educate a manager to manage an organization as it evolves over time from an entrepreneurial structure to a more complex structure will be discussed.

The strategic management is actually defined as the process in which an organization actually formats and also implements the plans which espouse the objectives and goals of that organization (Diana Wicks, 2011). The process of the strategic management is continuous and it changes with the evolution of the organizational goals and objectives.

As explained by Hill & Jones (2012), strategic management entail the process of implementing ways that would help an organization achieve its long term goals. Hill & Jones (2012) adds that organizations would be unable to attain their projected goals if they do not employ proper ways for strategic management. Through strategic management, companies strive to create ways that can create a balance between the external and internal environments. Management of information technology and innovation is among the most important aspects in strategic management. Schilling (2010) notes that managers have to establish the proper platforms to ran information technology in their respective organizations. Through the implementation of proper strategic management ways, organizations are able to capitalize on different opportunities.

Strategic management is the process of selecting the organization 's goals, mossion and ways to achieve them. It is vital for any business venture to establish and implement strategy for its prosperous development, efficient functioning and success in the future. Strategic planning provides the basis for all management decisions. Otherwise, without a clear strategy, an organisation could face difficulties in achieving its mission, as every business venture requires an elaborate approach, skilful management to fulfil it, collaboration of all elements involved in the business process, flexibility and sensitivity to outer factors. The last factor has become crucial in the today’s changeable and highly competitive world.

In every organization strategic management has a direct impact on its business. Strategic Management helps to attain superior performance and competitive advantage for an organization. Through competitive