It could be clearly understood that the topic is based on the business policies and strategies and the strategic management model has been taken into consideration to develop skills and knowledge for environmental scanning. The formulation of strategies have further been associated with the accomplishment of mission, goals, objectives and successful implementation of policies and strategies. I have understood that the strategic management involves monitoring and evaluation of external opportunities and threats based on the strengths and weaknesses, furthermore manage proper financial planning, forecast based planning, external oriented planning and there are multiple individuals involved such as the managers and employees. To become successful in the long run, a business must fulfil the needs of existing markets and at the same time, adapt to the changing needs and preferences of the markets (Wheelen et al., 2017). This should also create a perfect fit between the organisational environment inclined with the structure, strategies and processes of the organisation, thus leading to enhanced business performance too. The strategic management has helped in identifying new opportunities for growth and development, enabled managers to share common goals to be achieved and improved the financial performance too.
I have also understood that there are several challenges associated with the strategic management such as the globalisation impact that has changed the entire way the companies conduct business while environmental issues such as climatic changes and conditions are also considered as major challenges faced during the management of strategies effectively. From the sources of information, I have found that the basic model of strategic management involves four major components including the scanning of environment, formulation of strategies, implementation of strategies and managing valuation and control (DeYoung, Peng & Yan, 2013).
There are various roles and responsibilities of BoD such as performing the legal and duties and responsibilities for protecting the interests and enabling authority and power for implementing effective corporate policies and manage the different kinds of resources effectively and by forming agreement with the shareholders or investors. The responsibilities though are different for different countries such as setting the corporate strategies, managing shared vision, mission and goals, recruitment and selection of CEO and top management, controll9ing the top management and also managing approval of resources along with the fulfilment of interests of shareholders or investors. It is vital to plan in a strategic way for the purpose of analysis, interpretation, creation and management of data and information consistently for allowing the company to sustain and view things from a wider perspective (Dodgson, 2018). This has benefited many businesses by focusing on marketing, finances, operational and other functional areas for determining the market conditions and gaining competitive advantage with higher revenue generation as well. I personally think that the roles of BoD are based on the degree of involvement in strategic management ranging from low to high including phantom, who never knows what is needed to be done and thus there is little or no involvement while the rubber stamp allows the officers to make the most of decisions. The minimal reviews mean reviewing the issues that are brought into attention while the nominal participation includes reviewing the decisions to be made whereas the active participation enables making the final decision and managing the fiscal and management audits too (Blackburn, Hart & Wainwright, 2013). The catalyst means something that enhances the business performance and thus the catalyst has helped in developing the mission, goals and objectives along with implementation of relevant policies and strategies needed to enhance the degree of involvement during the management of strategies.
The agency theory shows that there are agents who do not have any responsibilities in case of no ownership and the stewardship theory is associated with the evaluation of business performance and success level achieved based on the composition of Board consisting of the Retired executive directors, affiliated directors and family directors. According to me, I feel that the social responsibilities include viewing the social responsibility by Friedman, Carroll’s contemporary view, conducting analysis of stakeholders and managing sustainability concepts too. To manage successful business and present positive mind sets among the clients, the businesses should provide proper amount of money to the shareholders or investors and support social causes, furthermore create knowledge among the workers to give their time for benefiting the society (Bottery, 2013). The responsibilities also include managing Laissez faire worldwide economy and enabling implementation of minimum rules and regulations. From the slides, I have also learned that the managers do hold various responsibilities such as to produce G&S of value and provide the shareholders with enough money to keep them satisfied, furthermore manage the legal responsibilities by preventing discrimination, managing proper values and ethics and making philanthropic contributions. This would also strengthen my skills and knowledge to outperform others and act as a responsible manager of a company in the future as well (Lawrence & Weber, 2014).
The social responsibilities does not only include managing activities to contribute to the society but also more than ecological concerns like protecting the environment and managing the sustainability index too. The contribution by local communities, NGOs, associations, Government and regulatory bodies are also responsible for undertaking actions needed to manage proper values and ethics while running business as well. I have also learned the importance of managing ethics, which can be done by following the cultural norms, rules and regulations along with maintaining a proper governance system to find out the differences in values and ensure maximisation of profit and keeping the community safe and healthy (Laudon & Traver, 2013). The environmental scanning is another important aspect where the changing environment is assessed to evaluate the strengths, weaknesses, opportunities and threats along with the various factors associated with the business functioning and maintaining strategic fit between the needs of environment and the things that the business needs to sustain in the business environment. The formulation of strategies include assessing both the internal and external environment along with management of natural resources and determine the six forces such as the threat of new entrants, threat of existing rivalries, threats of competitors, buying power of purchasers and power of suppliers. The competitive intelligence means analysing the sources including environmental data and information, market shares, regional trends, computerised information systems and implementing the Economic Espionage Act in the year 1996 (Rothaermel, 2015).
I have also understood about the forecasting technique that enables environmental scanning to analyse the present situation and also the current trends and resolve the faulty assumptions too. There are different types of forecasting methods such as the extrapolation, expert opinion, brainstorming, Delphi Technique, which are useful for extending the current trends and at the same time, separate the experts independently based on the chances of incidents that might have occurred. There are various other models and frameworks that are associated with the organisational competencies such as the VRIO framework including the value that is offered to the clients based on the products delivered, rareness, i.e., the uniqueness of products and services, imitability and organisation’s ability to exploit the resources effectively. The resources are utilised properly for ensuring that the business functions properly and higher revenue is generated, which can further help the company to obtain competitive advantage in business (Wheelen et al., 2017). From the various information provided, it could be understood that the value chain analysis enabled linking between the value creation activities and the entire chain consisted of raw materials, manufacturing process at the starting stages, fabrication, and distributor and finally pushing the end products to the retailers.
From the picture representing the analysis of value chains, I have also understood that there are primary activities, support activities and also the profit margin. The primary activities comprise of the inbound logistics, operations, outbound logistics, marketing and sales and services delivery while the support activities include the management of human resources, procurement of strategies, development and implementation of technologies and improving the organisational infrastructure through general management, finance, accounting and strategic planning. I have possessed knowledge and skills about how an organisational structure can allow the company to function properly and maintain smooth flow of work activities to generate revenue and stay ahead of its competitors (DeYoung, Peng & Yan, 2013). The major organisational structure are simple, functional, divisional, modified divisional and conglomerate structure. I found the divisional structure to be the most effective because of its different business units functioning with a shared vision and common goal or objective.
There also could be various issues related to the implementation of strategies such as marketing issues, HRM issues, operational issues, information system issues and issues related to the research and development activities too. The strategic issues are dealt with analysis of market position and by segmenting the market into smaller blocks for easily understanding the needs and requirements of the clients, furthermore understand the niche market and determine what kinds of products could be feasible and beneficial for clients and their buying behaviours could get influenced. This has benefited many business and allowed them to easily understand the demands and expectations of clients, furthermore provide them with relevant products and services accordingly and enhance the brand image and reputation (Dodgson, 2018). The research and development activities are also major aspects of business to deal with the issues and at the same time, manage transfer of technologies, gain technological competence and skills and obtain a higher market share to boost sales and revenue generation. All these knowledge and information would allow me to excel in my professional career as well as make them competent and knowledgeable enough to handle a business with much ease and efficiency (Blackburn, Hart & Wainwright, 2013).
References
Blackburn, R. A., Hart, M., & Wainwright, T. (2013). Small business performance: business, strategy and owner-manager characteristics. Journal of small business and enterprise development, 20(1), 8-27.
Bottery, M. (2013). Professionals and policy: Management strategy in a competitive world. Routledge.
DeYoung, R., Peng, E. Y., & Yan, M. (2013). Executive compensation and business policy choices at US commercial banks. Journal of Financial and Quantitative Analysis, 48(1), 165-196.
Dodgson, M. (2018). Technological collaboration in industry: strategy, policy and internationalization in innovation. Routledge.
Laudon, K. C., & Traver, C. G. (2013). E-commerce. Pearson.
Lawrence, A. T., & Weber, J. (2014). Business and society: Stakeholders, ethics, public policy. Tata McGraw-Hill Education.
Rothaermel, F. T. (2015). Strategic management. McGraw-Hill Education,.
Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy. pearson.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download