Strategic Management Able Corporation Essay Example

identity by stating their goal to lead the global market with top-quality household equipment made using innovative technology and a team of dedicated professionals. Their ultimate aim is to achieve complete customer satisfaction.

To achieve success in strategic management planning, a company must utilize available business tools. The initial step for Able Corporation is to evaluate its competitive position against industry rivals. Given the complexities of global expansion, understanding the company's position within the industry is essential. This is where a Competitive Profile Matrix (CPM) proves useful. Developing a well-designed CPM enables the company to identify their current location and chart a course towards their desired objectives. Failure to complete this essential task could jeopardize successful implementation of new strategic management approaches.

Able Corporation needs to evaluate both its internal and external strengths in order to succeed in the industry it is involved in. Examining success factors internally and externally will help the company identify its strengths, weaknesses, opportunities, and threats. Conducting an honest SWOT analysis is necessary to address these factors. Utilizing these essential tools of strategic management will guide the company towards more realistic business strategies.

As previously stated, neglecting fundamental tasks such as defining a sound business strategy can have detrimental effects on a company. Heading in a direction without understanding strengths and weaknesses can result in failure. In essence, it is important for the company to know itself. By doing so, the business strategy adopted will align with its means and capabilities. The Quantitative Strategic Planning Matrix (QSPM) is an additional resource that Able Corporation can leverage.

This tool serves as a starting point to determine if the proposed company strategy is more

feasible and attainable compared to other potential strategies based on the firm's objectives. Once Able Corporation identifies its chosen strategy, it should create short-term and long-term goals with annual objectives to assess the strategy's effectiveness. All departments must work in unison to execute the strategy by crafting policies and programs aimed at achieving short-term goals and annual objectives to realize the long-term objectives of the strategy. Every executive and operational move made by each component of the company should align with the strategy to ensure that short-term goals are met, paving the way for eventual international expansion.

All necessary preparations have been made for negotiating and communicating with countries, territories, and local businesspeople. Additionally, the company has gained insight into the economic conditions of its new location. Its overarching ambition is to establish a strong presence in the international market and attain industry leadership. The company assesses its yearly targets by taking into account both short-term financial status and long-term goals.

The company aims to establish a specific average net sale. Apart from the financial aspect, each department needs to create operational activities for their subordinates to cater to the adapted business strategy. The Marketing Department will handle advertising and media agencies for a strong advert campaign to penetrate the international market. Consequently, they must intensify efforts in creating schemes that will assist the organization in expanding its consumer base in new territories. Lastly, the Human Resource Department will focus on continuous developmental training for the organization's workforce.

Moreover, the department needs to modernize its hiring procedures, acknowledging the necessity to adapt to the demands of the 21st Century (Wendower, 2006). Therefore, selecting new personnel using

innovative methods will be a primary objective for the department.