TATI (Tasman Arts Training Institute) is an organisation that with the implementation of Strategic Management has the capacity to become a functioning, financially viable institute with a sizable market share in the arts education industry. The strategic management process is a philosophical approach to business and can be characterised through establishing a mission, creating objectives, and devising strategies, then through external and internal assessment creating strategy which is then implemented and checked on by strategic control. With the application of strategic management the CEO Ethan Williams has decision choices between alternative courses of action in order to establish TATI’s competitive advantage.
Strategic management
…show more content…
An opportunity for TATI to not only gain a greater market share, but also to gain extra revenue is to open a gallery to display and sell the artwork of students at TATI, however under Porter five forces there is a threat of not only rivalry, but also threats of new entrants, which bring new capacity, the desire to gain market share, and often substantial resources. (Porter, 1997). Threats need to be evaluated appropriately to avoid market failure, such as if a new arts institute were to open, then Ethan would need to us an alternative strategy to create a competitive advantage to maintain leadership in the market, such as employing specialised tutors as stated above.
Once a successful SWOT analysis has been completed, Ethan needs to revise his set missions and objectives. TATI graduates have gone on to prominent placements because of their ability to produce for the international and tourist markets, and with TATI being located in Nelson, the home of the World of Wearablearts, there is a current market to compete in. Using a corporate strategy, which sets long-term direction through diversification of opening a gallery TATI can grow into new and different business areas, meaning TATI could compete in the niche international tourist market, which would allow TATI to compete with price and quality rather than just differentiation.
Successful strategy implementation is critical to the success of TATI. If the overall strategy does not work with TATI’s current structure,
There are a gazillion companies out there, but some stand out. Whether it is because of their popularity, affiliations, history, profile or service, one factor simply makes or breaks a company; it’s strategy management process.
L; and Jones, Gereth, R. (2013, 2010, & 2008). Strategic Management: An Integrated Approach, (Tenth, Ed). Mason, OH. South-Western Cengage learning.
The grand strategy for NAIT as recommended in the STR/581 Strategic Planning and Implementation week four individual assignment: Strategic Choice and Evaluation is to focus on product development. The product that NAIT delivers are the educational programs that are custom designed to provide and educational background for NAITs customers, students, to enable them to enter industry with an education that will allow them to flourish.
Strategy is concerned with an organisations basic directions for the future,its purpose,ambition,resources and how it interacts with the world in which it operates(Lynch.R,p5 2003),thus it can be seen that there area number of techniques or ways in which the company can use these to achieve its goals and objectives,the purpose of this case study is to study the techniques used by MacPac to achieve its growth /achievement,the reasons for the losses suffered by MacPac and the steps taken to address these losses as well as an insight of MacPac’s current situation.
There has been a large amount of research into what strategy is, since Michael Porter’s perennial work in the 1980s. Studies done on the execution of strategy have been far less numerous. However, there is one major understanding about the execution of strategy. The execution of strategy is a vital part of success in business. A summary of many myths surrounding various strategic executions will be outlined, along with their subsequent analyses.
Pearce, J. A. II, & Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). [University of Phoenix Custom Edition e-text]. New York: McGraw-Hill. Retrieved August 20, 2011, fr
Strategic Management is the theory and practice of making decisions that shape the future of the firm. This course looks at the content and process of strategic decision making from the perspective of managers who are responsible for an entire business unit. These may be individuals who are acting in the capacity of a Chief Executive of a company, divisional General Managers, or departmental heads. It is also the perspective most
In 2010, the Tavazo brothers were thinking about how to keep on growing and started to analyse opportunities for further expansion. One potential source of growth is represented by the chance of expanding its current business within Canada and Iran, through the retail or wholesale channels. One plus point of this strategy is that it would let the company to maintain the same organizational structure without introducing revolutionary changes, which would be costly to make. Indeed, focusing on these two markets would let the company to grow constantly and would allow the management to produce gradual changes to the organization alongside with its expansion. However, a potential downside of the strategy is given by the nature of the Tavazo
Describe Tartan 's competitive strategy. On the basis of this competitive strategy, what recommendation would you make to task force?
The purpose of this paper is to explain the definition of Strategic Management and why it is critical to the success of an organization in meeting its goals and mission. The paper will include a brief analysis of the situation and pending decision problem, as presented in the case and in relevance to the answer. In addition, the major issues will be surrounding the organization or individuals involved with the organization. Included will be alternate courses of action to
In short, art promotion requires a strategy. However, strategic planning can also apply to public and private not-for-profit organizations that are in constant competition with other governmental, and non-governmental organizations or agencies.The theory of organizational strategy encapsulates the idea of planning for a top strategy management agenda for success. A strategy therefore, in this context, refers to a top management plan to expand and accomplish outcomes that are consistent and maintain a state of competitive advantage to Walton Arts Center. This is the only way that Walton Arts Center’s organizational mission achieves complete fulfillment. A good strategic plan within an organization provides direction for the organization and a person can easily identify it by examining the organization’s mission statement and set goals. A consistent pattern of crucial decisions made by an organization’s top managers should also be in line with the organization’s mission (Wright, Kroll, Kedia, & Pringle,
As Zappos faces the challenge of determining next steps in regards to maintaining the existing business unit or to enter a new business venture, the SWOT analysis will provide clarity in the firms Strengths, Weaknesses, Opportunities, and Threats. This is an extremely suitable
‘Strategic Management’ is a very complex term as many eminent researchers and scholars have had different views and conclusions on strategy. According to White (2004), “Strategic Management involves both systematically developing an idea together with its implications and testing the empirical validity & usefulness of that idea against the real world.” Thus strategy is not only about planning for future but also about confirming the validity of the hypothesis considered and implementing it successfully. Strategy formation may take various forms such as implicit, explicit or emergent. Implicit strategy is a strategy formed by intuitions of an individual. As per implicit strategists, strategic management is about reading the environment
Strategic management is the act or science of mixing different strategies, formulations, implementations and evaluations together in a bid to achieve certain goals and objectives for an organization (David, 2005; Mohd Khairuddin Hashim, 2005; Zainal Abidin Mohamed, 2005). From this perspective, Strategic Management Theory (SMT) is can be conceived as a management theory derived from the combination of systems perspectives, contingency approach and information technology approach (Raduan, Jegak, Haslinda & Alimin, 2009). It symbolizes the process and approach of specifying an organization’s
This essay will look at strategic management processes and how they can be used to improve organisational performance; it will also describe