Essay on Case 2: Wallace Group

908 Words Mar 16th, 2007 4 Pages
In order for companies to be successful in a constantly changing environment a strategic management plan will need to be developed which consists of four phases: basic financial planning, forecast planning, externally oriented (strategic) planning, and strategic management. "Strategic management is a set of managerial decisions and actions that determine the long-run performance of a corporation" (Wheelen & Hunger, 2006, p.3). The benefits of strategic management helps the firm focus on the objectives and develop the steps involved in obtaining the vision and financial wealth of the organization. An effective strategic management plan should include the following three questions: (1) Where is the organization now? (2) If no changes are …show more content…
The third recommendation strategy implementation is a process by which strategies and policies are put into action through development of programs, budgets, and procedures (Wheelen & Hunger, 2006). Programs can be used to help reduce costs, budgets help to ensure that the program will add to the company bottom line and shareholder wealth and the procedure will help employees focus on the task at hand. The fourth recommendation evaluation and control is a process in which corporate activities and performance results are monitored so that actual performance can be compared with desired performance (Wheelen & Hunger, 2006). The use of an organizational analysis will come into play to compare the expected results with the current results. Based on the results the need to make changes may arise. In order to educate a manger to manage an organization as it evolves over time from an entrepreneurial structure to a more sophisticated and complex organizational structure we must first define the two. The entrepreneurial structure is putting the needs of the one powerful individual and focus on opportunities before the problems and needs of the organization as a whole. An example of this would be the current structure of the Wallace Group under Harold Wallace's control. However, with the enlistment of outside

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