Strategic management for corporations refers to the ability to schedule a firm’s operations at the optimum and feasible level possible. Its emphasis is on building a firm underlying foundation in which a business will consequently base its activities by employing the combined efforts and contributions of the manpower and other non-human resources which it already possesses (Rieple, 2008). In the presented case, the first strategic objective will be to assess the background around which the corporation is and will be operating in. This background and state of affairs analysis shall entail all the clients, employees, the management and the shareholders as well as the competitors.
Next is to look at how the corporation will formulate its objectives given the results of the assessment. When assessing the employees it will be possible to determine who is best qualified to work in a given department. In addition, there will be a good opportunity to face the market with a restructured plan. Assessing the landscape in which the business is operating will also be vital in bringing the corporation closer to both the clients and the employees. There will be no more room for confrontations that originate from conflict of interests because there will be agreements and at the same time the meetings will be fruitful. When a company studies its landscape, there will be real facts regarding the market share that is unexploited and the size of the market. The factors which are in play and the methods which the competitors minimize production and marketing cost together with techniques will be easily available. There will also be adequate information regarding the competitors’ pricing and marketing strategies.
The second strategic objective will be to establish both vision and mission statements which will enable the corporation to solve the inherent problems and to formulate short-term and long-term goals (Wheelen, & Hunger, 2000). Vision and mission statements serve as good reminders since individuals are likely to keep in mind the expectations to achieve what is set out. In the same way, an organization has a memory which is the overall experience it has developed since its inception. This is very useful in building up the expertise within it although it can hinder organizational change. Therefore the vision statement will foster the culture of the corporation, support change and outline how the desired progress will be attained. For instance, the approach of first-in, abandon, and a move could work well because the company has a vision that focuses on the current trends on tools. Before competitors set in the corporation will be moving on to new frontiers. The idea of shifting some of the resources from research and development to sales and marketing cannot be of any use because electronic technology is dynamic. Old tools are being replaced by new versatile gadgets.
These two objectives are valuable to the corporation. For instance, the regular management wrangles solved while the prolific employees are being made loyal and satisfied. It will enable the organization to identify opportunities and establish itself as a tool provider of choice. The use of vision and mission statements will assist the organization in managing its resources such that they are adequately allocated to each department as required.
The process of strategic management in a global environment will be first to scan the industry environment so that proper decisions related to operations are made. The formulation of departmental strategies will be made in line with the current and forecasted market and production conditions. Implementation of these strategies will be effected and constant deliberated evaluations will indicate necessary changes.
References
Rieple, A. (2008).Strategic Management: Theory and Application. London: Oxford University Press
Wheelen, T. & Hunger, D. (2000). Strategic Management. California: University of California Press