Strategic Management
1. In this video, Erica Olsen clearly and accurately explains the notion of the strategic management process by means of schemes. First, a company should determine the mission statement that clarifies its paramount goal. It is important to identify the starting point from both internal and external angles including staff, customers, competitors, and other integral issues of any organization. The information presented is synthesized in Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis suggesting the possibility of assessing the actual situation and the company 's strategic outlook derived from a study of the advantages, disadvantages, market opportunities, and risks of the company (Hitt, Ireland, & Hoskisson, …show more content…
The overall target should be divided into several short-term goals applying Specific, Measurable, Actionable, Realistic, and Time-Bound (SMART) goals tool (Hill, Jones, & Schilling, 2015). Olsen states that it is better to set SMART goals for each year of operation both on functional and individual levels (Virtual Strategist, 2012). The speaker also provides some key issues concerning the execution of the strategic plan. In particular, every employee in the organization should have an action plan that identifies their responsibility area. Meetings and discussions conducted in a timely manner would contribute to the successful implementation of the strategic plan as well. Finally, the organization should have the uniform language and documentation to communicate with …show more content…
Most company’s experience failure as they do not count for the mentioned fact.
The speaker represents the strategy as a tripod stool based on the following components:
- perspective market opportunity, where the external analysis focuses on competitor analysis and industry analysis as well as the development of the latter;
- necessary resources and capabilities, where the internal analysis involves business level and corporate level;
- execution that is the implementation of the strategy based on incentive, control systems, and the organization structure.
It is very significant to pinpoint that each of the above components is essential for the successful strategy implementation.
3. How to Develop Competitive Advantage video examines the fundamentals of how to determine the area where the organization would be the best in delivering the quality to customers. According to Abraham (2012), the strategic DNA is the core of the competitive advantage. There are three substantial components of the competitive advantage considered by the speaker on the example of Bikram
1. In this video, Erica Olsen clearly and accurately explains the notion of the strategic management process by means of schemes. First, a company should determine the mission statement that clarifies its paramount goal. It is important to identify the starting point from both internal and external angles including staff, customers, competitors, and other integral issues of any organization. The information presented is synthesized in Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis suggesting the possibility of assessing the actual situation and the company 's strategic outlook derived from a study of the advantages, disadvantages, market opportunities, and risks of the company (Hitt, Ireland, & Hoskisson, …show more content…
The overall target should be divided into several short-term goals applying Specific, Measurable, Actionable, Realistic, and Time-Bound (SMART) goals tool (Hill, Jones, & Schilling, 2015). Olsen states that it is better to set SMART goals for each year of operation both on functional and individual levels (Virtual Strategist, 2012). The speaker also provides some key issues concerning the execution of the strategic plan. In particular, every employee in the organization should have an action plan that identifies their responsibility area. Meetings and discussions conducted in a timely manner would contribute to the successful implementation of the strategic plan as well. Finally, the organization should have the uniform language and documentation to communicate with …show more content…
Most company’s experience failure as they do not count for the mentioned fact.
The speaker represents the strategy as a tripod stool based on the following components:
- perspective market opportunity, where the external analysis focuses on competitor analysis and industry analysis as well as the development of the latter;
- necessary resources and capabilities, where the internal analysis involves business level and corporate level;
- execution that is the implementation of the strategy based on incentive, control systems, and the organization structure.
It is very significant to pinpoint that each of the above components is essential for the successful strategy implementation.
3. How to Develop Competitive Advantage video examines the fundamentals of how to determine the area where the organization would be the best in delivering the quality to customers. According to Abraham (2012), the strategic DNA is the core of the competitive advantage. There are three substantial components of the competitive advantage considered by the speaker on the example of Bikram