Discuss ten (10) strategies and their advantages in connection with the corporation’s goals and objectives. (30 points) (A 2-page response is required.)

1052 Words Aug 1st, 2014 5 Pages
In today’s highly competitive market, the continuous changes that are occurring in the social, politic and economic environment create serious challenges in the corporate world. Corporations cannot afford to do business as usual if they want to remain in the game and be successful. In order to achieve their goals and objectives, they need to evolve, adapt, learn and apply different new strategies that will help them secure long-run success and performance. Among those strategies, we are going to discuss ten of them and their advantages in connection with corporation’s goals and objectives.

1. Environmental Scanning It is the first basic element in strategic planning. It is a process of cautious monitoring of external and internal
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5. Initiation of Strategy: Triggering events When an organization becomes too comfortable with its actual strategy, it tends to become contented and not willing to make changes. This situation creates serious setback. It only means that the corporation is not growing and might be left behind in the competition. The triggering event is something that provokes a change in strategy. It motivates management to reexamine the firm’s position and bring new ideas, new strategies on the table. It helps the corporation to stay alert and informed about new changes in the environment and act accordingly to keep its competitive advantages.

6. Strategic Audit It is the process of analyzing the different function and activities of a corporation to find out its strengths and weaknesses by using a checklist of questions in all areas. This tactic helps identifying specific areas that create challenges and also provide solutions to problems. It also brings fresh perspectives to the company.

7. Organizational Learning Theory It is an organization that instead of imitating competitors or reshaping their environment is willing to use information that is available and using it to be more suitable to its environment. It assertively involves people from all levels of management to have their input into strategic planning. This strategy helps the corporation to act vigilantly in order to adjust and evolve in their challenging environment.


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