Concepts and Ideas for a Strategic Management Plan
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The strategic management plan should include the concepts and ideas covered throughout. The following points need to be addressed in your strategic management plan:
?Explain the strategic management process within the global environment.
?Describe the role of corporate governance in strategic decision making.
?Conduct various environmental analyses as they relate to an organization.
?Identify challenges in strategy implementation.
?Create strategies and potential strategic alternatives for different situations.
?Integrate and apply knowledge gained in other courses in the business administration curriculum.
?Use effective communication techniques.
?Include anything else that you deem important to support your strategic management plan.
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The solution discusses the concepts and ideas for a strategic management plan.
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Strategic Marketing Process:
Strategic marketing process can be said to be the practice or an art which is used in implementing, formulating and organizing important decisions in an organization in order for it to achieve its primary objectives (Wondra, 2012). It can also be said to be a gradual practice, i.e. an ongoing process throughout the entire functional period of the organization. It is in this case an ongoing process in that very large or broad plans are formulated and finally implemented to achieve the primary goal. Strategic goals are goals made by the top management of an organization. An organization's top management makes final and crucial decisions to an organization's goals. Strategic goals are set by an environment where they exist. External environment forces the internal environment to set the goals and guides towards achieving them (Nature of Strategic Management, n.d.).
Role of Corporate Governance in Strategic Decision Making:
The most important role in corporate governance is ensuring that the strategic decisions are made in order and interest of those with a stake in successful outcome of the organization. Many corporate boards have a focus on the corporate share holders though lately a shift has seemed to occur. Corporate governance is increasingly involved with an organization's mandate and may in this case look into the interests of stake holders such as customers, non-customers and potential customers whose involvement with the organization may be impacted by the decision of the organization and the organization may begin to gain attention as the corporate relationship plays a greater role in strategizing on their next move (Wondra, 2012).
Corporate governance is used to direct and control an organization. The corporate board and ...
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