- 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.
Global Strategic Management
Managers in the global business environment put lot of emphasis on competitive opportunities. They use tools to analyze the business environment which enables them to handle complexities of changing demands. They are able to manage resources effectively. External environment also has influences like political environment, economic environment, social trends, technology and legal environment which have an impact on business strategies. Hence, strategic process of business must incorporate aspects and effects of global business environment. Global strategies must be tied to external environment and non-market strategies. The strategic process depends on local environment also where the organization wants to expand. The process is not common to all locations but responds to differences in local context. This is different from traditional strategic management process which is predictable. As opposed the global environment is uncertain, turbulent, and chaotic which makes it difficult to apply the traditional strategic management process. Due to increased level of uncertainties in competitive context it is no longer possible to determine strategic direction on a systemic basis. As a result organizations need to adapt to fast-changing environmental conditions and hence move towards a more dynamic strategic process.
Role of Corporate Governance
One of the most important roles of corporate governance is to ensure that goals of strategic decisions are in the interests of those involved in the organization. Corporate governance systems are used to control and direct companies. It includes making policies which are necessary for effective operation of the organization. The company's corporate board must be involved in activities related to identifying purposes for the organization and establishing outcomes. Adequate corporate governance is required in decision making and implementing decisions along with different structures (formal and informal) that have been set within the organization to arrive at and implement the decisions. One of the greatest advantages of corporate governance is the identification of risk factors and coming up with solutions to ...
The following posting helps with problems involving creative strategies and alternatives within the global environment.