With your knowledge in strategic management proces, discuss the steps you will fellow to develop the strategy
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You have recently been employed as a business development manager in a reputable company in Ghana. Due to intense competition with in the business environment and the changing trends in consumer taste and preferences, you have decided to develop a strategy for the firm. With your knowledge in strategic management proces, discuss the steps you will fellow to develop the strategy
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- Why is performance measurement often the start of new strategy development?What is a grand strategy, and how does it relate to strategic objectives and the three levels of strategy?What can you say about the Criticism of Strategic Management? What valuable lesson to learn? Strategic management may be beneficial in some cases, but they are likely to be ineffective in some of time on other company. There are several aspects of strategic management that have been questioned, and the arguments should be addressed. According one line of criticism, strategy isn't necessarily developed; it might just happen. The most crucial decisions in a company may not be the huge or abrupt ones, but rather the small and gradual ones. Strategic management is believed to be founded on false assumptions. No matter how careful the executives are, there will always be a gap between their goals and their actions. According to Mintzberg, 1994, no one understands enough about good strategic management thus, organizational success and failure are influenced by luck. According Miller and Cardinal, 1994, it is still a question that traditional strategic techniques help firm in…
- Devising the company’s overall strategic plan is top management’s responsibility. However, few top executives formulate strategic plans without lower-level managers’ input. In view of the current business competitive pressures do you think this strategy will work, give your arguments? Also explain why strategic planning is important to all managers. and briefly describe the steps of strategic planning process. Question is related to Introduction to Human Resource ManagementExplain the accuracy of the following statement: Formal strategic planning is irrelevant for companies competing in the high-tech industry because pace of change is so rapid that plans are routinely made obsolete by unforeseen events. What importance does strategic management’s play in organization's?Discuss the fundamental differences and similarities between “outside-in” and “inside-out” thinking about strategic management, and their influence on strategy.
- What are the some of the key takeaways you learned in this course about strategic management? Also, were they from our discussions, readings, cases, quizzes, and/or assignments such as the business strategy game?businesses may need to adapt to changing times in order to stay competitive. Their initial practices may have worked well previously, but may not serve them well in the long term. The newspaper industry is one that may face extinction. Explain why they may need to rethink their business strategy, and provide some advice on possible strategic management changes. Be specific to include goals/objects, strengths, and weaknesses.A Strategy Map is an excellent tool to showcase the inter-connectedness of all the elements that make up a good corporate strategy. Pick ANY industry you are familiar with and illustrate the use of a Strategy Map in assisting management achieve a business objective.
- Please use one company as an example and describe how it designs its organizational structure, organizational control system, organizational incentive system in this company’s strategy implementation process. In answeringthis question, please first define clearly the strategic action that this company is undertaking and describe how this company implements this strategic action. ( word limit 300)Please use one company as an example and describe how it designs its organizational structure, organization control system, organizational incentive system in this company’s strategy implementation process. In answering this question, please first define clearly the strategic action that this company is undertaking and describe how this company implements this strategic action. ( word limit 300)Distinguish between Strategic Formulation and Strategy Implementation. (Answer in not less than 1000 words) You may include a table as well.