Reflections
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- Date Submitted: 11/14/2011 07:32 AM
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Simulations Reflection
Introduction
Strategic management first is a challenge for any company regardless of the situation and second is different for every company due to the change in the nature of any given marketplace. Strategic management plans must remain forward looking at all times in conjunction with the company mission and end-state. To successfully adapt, a manager must be flexible to an ever changing environment by staying focused on the company’s mission from a holistic approach. This flexibility increases the firm’s success and can be accomplished by considering and implementing a solid strategic management plan. Pearce and Robinson, 2005 presented 9 critical tasks from within the strategic management model that should be included in achieving any company’s strategic game plan and end-state objectives. They are matched to the strategic management model as follows:
1. Company mission (social responsibility, purpose, philosophy and goals)
2. Internal analysis (conditions and capabilities)
3. External analysis of the environment (competitive and general)
4. Strategic analysis (options matched to resources)
5. Long-term objectives (grand strategy to achieve optimal choices and options)
6. Generic and grand strategies (must support company and mission)
7. Action plans and short-term objectives (must support long-term objectives)
8. Policies that empower action (must support all objectives and grand strategy)
9. Restructuring, refocusing, reengineering the organization (supports grand strategy)
10. Control and continuous improvement to evaluate the success of the strategic process. (Pearce, Robinson, 2005)
After completing the three simulations some of the lessons learned were the importance of internal and external analysis, establishing and setting long-term objectives, grand strategies, and developing action plans. The importance of Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, was a factor that was...
Introduction
Strategic management first is a challenge for any company regardless of the situation and second is different for every company due to the change in the nature of any given marketplace. Strategic management plans must remain forward looking at all times in conjunction with the company mission and end-state. To successfully adapt, a manager must be flexible to an ever changing environment by staying focused on the company’s mission from a holistic approach. This flexibility increases the firm’s success and can be accomplished by considering and implementing a solid strategic management plan. Pearce and Robinson, 2005 presented 9 critical tasks from within the strategic management model that should be included in achieving any company’s strategic game plan and end-state objectives. They are matched to the strategic management model as follows:
1. Company mission (social responsibility, purpose, philosophy and goals)
2. Internal analysis (conditions and capabilities)
3. External analysis of the environment (competitive and general)
4. Strategic analysis (options matched to resources)
5. Long-term objectives (grand strategy to achieve optimal choices and options)
6. Generic and grand strategies (must support company and mission)
7. Action plans and short-term objectives (must support long-term objectives)
8. Policies that empower action (must support all objectives and grand strategy)
9. Restructuring, refocusing, reengineering the organization (supports grand strategy)
10. Control and continuous improvement to evaluate the success of the strategic process. (Pearce, Robinson, 2005)
After completing the three simulations some of the lessons learned were the importance of internal and external analysis, establishing and setting long-term objectives, grand strategies, and developing action plans. The importance of Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis, was a factor that was...