Strategic Management is defined as consisting of analysis, decisions, and the actions and organization undertakes in order to create and sustain competitive advantages. It is concerned with the analysis of the internal and external environment of the organization.
Strategy is in itself the ideas, decisions and actions that enable a firm to succeed in the long and short run. It is their “way” of getting their goals and objectives achieved with core values and beliefs that create an organizational coherence in strategy direction. The strategy is their plan of action that will allow them to succeed better than existing and future competitors. Strategy allows for planning how to tackle threats of the business environment while allowing the organization to recognize new opportunities internally and externally.
All stakeholders of the organization have to take part in
...formulating the strategy so that the strategy will be one that serves all and succeeds creating gains for all stakeholders.
A strategy must also be revaluated to make sure that the environment it was designed for has not changed but if it has sometimes the strategy must be changed to succeed by adapting to the new business environment. Strategies must encompass long-term and short-term goals to stay competitive and to access the ability of the environment to sustain long-term success.
Robin Hood is having problems aligning the current strategy with the changing internal and external environments without disappointing or losing support from members who feel the new strategy will hypocritical. He wants to charge a fixed tax to all travelers that go through the forest to encourage more travelers to go through the forest since the threat of the confiscation of all goods wil
be lowered, hence allowing them so have a greater number of people to take money from since due to all practice of total confiscation of goods has caused many travelers to avoid the forest completely causing a decrease in revenues.
“ Rob the Rich to Give to the Poor” – This is their current motto
His lieutenants argue that charging a tax on all travelers through the forest will be taxing their allies (townspeople and farmers), which will lower support and create more resistance increasing the threat of Sheriff to organization operations.
The organization is facing the trade- offs between efficiency and effectiveness. Efficiency will lower the costs and increase output but how effective will that strategy be if the stakeholders do not believe in the values of the organization. Efficiency will increase profitability but at the cost of losing support because our values “walk does not match the talk”. The support and enthusiasm for the organization can be quickly lost if members/ employees feel that senior management’s actions are not consistent with the values and beliefs that should guide the strategy. So the decision of strategy adjustments must tackle this tradeoff and it must involve the input of all stakeholders.
- Business Analysis essays
- Business Plan essays
- Community Development essays
- Competition essays
- Effective Leadership essays
- Leadership Styles essays
- Mission Statement essays
- Negotiation essays
- Outsourcing essays
- Planning essays
- Public relations essays
- Reasoning essays
- Strategic Management essays
- Strategic Planning essays
- Swot Analysis essays
- Academia essays
- Academic And Career Goals essays
- Academic Integrity essays
- Brainstorming essays
- Brown V Board of Education essays
- Brown Vs Board Of Education essays
- Coursework essays
- Curriculum essays
- Distance learning essays
- Early Childhood Education essays
- Education System essays
- Educational Goals essays
- First Day of School essays
- Higher Education essays
- Importance Of College Education essays
- Importance of Education essays
- Language Learning essays
- Online Education Vs Traditional Education essays
- Pedagogy essays
- Philosophy of Education essays
- Purpose of Education essays
- Scholarship essays
- Study essays
- Studying Abroad essays
- Studying Business essays
- Technology in Education essays
- The Importance Of Higher Education essays
- Vocabulary essays
- Writing Experience essays
