Essay about Strategic Management Process
July 19, 2010
Approaches to Global Strategy
Arc welding machine manufacturing will be producing welding machines, and selling them to Canada. Their most popular machine is to consider the XM-350, because of the flexibilities of the machine. The machine can be set to perform gas tungsten arc welding (GTAW) or shield metal arc welding (SMAW).
Foreign Country and Domestic Country
United Kingdom (foreign) population was approximate 62.2 million in 2010 with an annual growth rate of 0.56 percent. The United Kingdom has the sixth largest economy in the world, which is the second largest economy in the European Union (Department of State, n.d.). The country primary religions consist …show more content…
Strategy formulation “refers to the process of choosing the most appropriate course of action for the realization of organizational goals and objectives and thereby achieving the organizational vision” (Power, 2011). During this process the company will go through several steps to ensure that the objective set are achievable: evaluating the organization environment, setting quantitative targets, performance analysis, and choice of strategy.
Strategy implementation in the phase the company will begin to implement the strategy that has been formulated to achieve their goals and vision. This is when the company will analyze its organizational structure to see if the currency structure will fit their intended strategy. Any company who wants to be successful in this phase will have in place devices such as monitoring and controls to check periodic to ensure that they are on the correct course.
The evaluation process can be significant to any strategy formulation, because this is where the company decides if their strategy is efficient and effective. By utilizing the evaluation process, the company can change direction if needed, as a result of their finding.
Domestic and International
The Domestic and International approach to strategic management will have some variations from country to country. Companies seem to