Strategic Objectives for Able
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Background:
In six months you are to present a complete business plan for Able Corporation to the Strategic Officers Steering Committee (SOS-C). You are to provide a mission statement, operating principles, market analysis, company strengths and weaknesses analysis, one-year, five-year and ten-year strategic objectives, sales forecasts, financial and operational objectives, and pro forma financials.
As a preliminary step in the preparation of the business plan, brainstorm the major elements of the strategic management process. Using the questions below as a guide, provide several bullet points for each major step in the process. These can include insights, issues that need to be addressed, questions that need to be asked, etc.
Problem:
What do you consider Able Corporation's top two strategic objectives over the next year? Why these?
Hint: We are essentially in a situation commonly referred to as a "turn-round" situation. Consider this scenario as though "Able" were a patient, very ill, being wheeled into the Trauma Ward of an Emergency Center. What is the primary task of the medical team with the ill patient? This answer will guide you in selecting the two strategic objectives.
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Solution Summary
718 words outline two key strategic objectives for the Able Corporation.
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Help in formulating strategic objectives
"In the emerging economy, a firm's only advantage is its ability to leverage and utilize its knowledge."
...Larry Prusak, Executive Director - The Institute for Knowledge Management
We are living in an economy of kaleidoscopic change where the only element, which is constant, is change.
Strategic management is the process of specifying an organization's objectives, developing policies and plans to achieve these objectives, and allocating resources so as to implement the plans. It is the highest level of managerial activity, usually performed by the company's Chief Executive Officer (CEO) and executive team. Strategic objectives are an important step to realize the vision of the organization.
Corporate level: It is concerned with the overall purpose and scope of the business to meet stakeholder expectations. This is a crucial level since it is heavily influenced by investors in the business and acts to guide strategic decision-making throughout the business. Corporate strategy is often stated explicitly in a "mission statement". It includes directional strategy.
It can have following alternatives:
1. Continue current horizontal growth strategy by setting up green field ...
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