Strategic Management Essay

6907 words - 28 pages

1.0 Strategic Management Process
It is a process that describes the responsibilities a particular firm undertakes in order to attain strategic competitiveness over other companies and acquire more than the expected average return. (Ireland, Hoskisson and Hitt, 2010)

Figure 2.1.1
The External Environment
Strategic Entrepreneurship
Strategic Leadership
Organizational Structure and Controls
Corporate Governance
Cooperate Strategy
Corporate Level Strategy
International Strategy
Merger and Acquisition Strategies
Competitive rivalry and competitive Dynamics
Business Level strategy

Strategic Inputs

The Internal Organization

Strategic Actions

Source: ...view middle of the document...

2 External Environment Analysis
Businesses face external environment that are unstable and multifaceted. Here, the opportunities and threats for an organization are analyzed.
Opportunities are circumstances for an organization to achieve strategic competitiveness. The external environment should be analyzed carefully in order to discover the opportunities.
Threats are the opposite of opportunities. It prevents the organizations from achieving strategic competitiveness.

2.3 Components of External Environment Analysis
Table 2.3.1
Scan | The changes and drifts in the environment are identified through scanning |
Monitoring | The changes and drifts in the environment are apprehended through observation |
Forecasting | Projects are planned based on the assumption of the results of monitoring |
Assessing | The usefulness of the changes and drifts in the environment and the time is regulated |
Source: Ireland, Hoskisson, Hitt (2010)The management of Strategy Concept and Cases, , 9th Edition

2.4 The General Environment
General environment is the influence range of the society and various factors to an organization. The general environment consists of the following segments/elements.
Table: 2.4.1
Demographic Segment | Population, Age, Income Distribution |
Economic Segment | Inflation rate. Interest rate, Personal Savings Rate |
Political/Legal Segment | Taxation laws, Labor training laws |
Sociocultural Segment | Women in workforce, Diversity of workforce |
Technological Segment | Product innovation, New communication technologies |
Global Segment | Political events, Global markets (critical) |
Physical Environment Segment | Renewable energy efforts, Energy consumption |
Source: Ireland, Hoskisson, Hitt (2010)The management of Strategy Concept and Cases, , 9th Edition

2.5 Industry Environment (Porter’s 5 Forces)
The organization and its performances are influenced directly in the industry environment. The five driving forces of the industry environment are:
Source: , Ireland, Hoskisson, Hitt (2010) The management of Strategy Concept and Cases, 9th Edition
Power of Supplier
Threats of new entrants
Figure: 2.5.1

Power of Buyers


Product Substitutes
Intensity of Rivalry

Table 2.5.1 (Source: Ireland, Hoskisson, Hitt (2010)The management of Strategy Concept and Cases, , 9th Edition)
Threats of new entrants | The new entrants for the business should be discovered and learned very carefully. They can become a huge threat for your firm. The additional product capacity by the new entrants one of the main reasons why it is considered as a threat. They hold a large market share after entering causing the existing firms to work harder and compete the new rivals that entered the market. |
Power of suppliers | Suppliers most of the time tends to increase the price of their products and bring...

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