Discuss ten (10) strategies and their advantages in connection with the corporation’s goals and objectives. (30 points) (A 2-page response is required.)

1044 Words Jul 12th, 2014 5 Pages
In today’s highly competitive market, the continuous changes that are occurring in the social, politic and economic environment create serious challenges in the corporate world. Corporations cannot afford to do business as usual if they want to remain in the game and be successful. In order to achieve their goals and objectives, they need to evolve, adapt, learn and apply different new strategies that will help them secure long-run success and performance. Among those strategies, we are going to discuss ten of them and their advantages in connection with corporation’s goals and objectives.

1. Environmental Scanning It is the first basic element in strategic planning. It is a process of cautious monitoring of external and internal
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It allows everyone from top to bottom to have a clear understanding of the company’s objectives and what is expected from them, it also reduces the risk of confusion, waste of time, money and energy among the three levels of management.

3.Strategy Implementation It is the execution of strategies and policies through programs, budgets and procedures to reach its goals. In this process plans are assigned, costs are allocated to tasks for better measurement of return on investment. The firm’s resources are used and a detailed system is given on how to perform specific jobs. This strategy turns strategies into concrete results and helps implement changes that are documented for future references. It also provides good measurements of projects with a time frame. It gives employees a clear step by step on how to perform their day-to-day tasks that will improve overall efficiency and sets the tone for quality work in all levels of management.

4. Evaluation and Control In this process, the activities performed are evaluated to determine if the corporation’s goals are being achieved by the strategies that are chosen. If the results are not satisfactory compared to pre-defined standards, management must take correctives actions to adjust the issues. This strategy stimulates the ongoing process of improving performances within the corporation. Since the environment is constantly changing, it is
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