STR/581

STRATEGIC EVALUATION AND RECOMMENDATION 7

Part 3: Strategic Evaluation and Recommendation

Regina Snedecor

STR/581 STRATEGIC PLANNING AND IMPLEMENTATION

Alex Medina

May 22, 2017

Strategic Evaluation and Recommendation

Introduction

The ultimate goal for any company is to be not only profitable but also successful. It is important for businesses, of any size, to develop business strategies to aid the company in attaining these goals. The company is at the top of their industry and the topics outlined in this paper will offer insight on what they need to do to remain successful into the future. This report will discuss potential value disciplines for the chosen organization. I will also evaluate the possible grand strategies as well as measure the possible global strategies for the company. Also, this report will identify the best general, grand and global strategies but also the best value disciplines. Finally, it will recommend strategies or a blend of strategies that should be implemented by Worthington Industries as well as include the reason for these recommendations.

Evaluate potential business level strategies for the organization

Potential Generic Strategies Generic strategies are a line of attacks that can be utilized by companies, of any size, to acquire a competitive advantage as well as have an influence in their markets. For every business, there are three different generic strategies in which to choose. They include:

• Cost Leadership Strategy – this approach promotes obtaining a competitive advantage because of the decreased cost of manufacturing goods and services; however, a decline in production cost does not mean a reduction in price (Ireland, Hoskisson, & Hitt, 2008).

•Differentiation Strategy – this strategy is comprised of the development of different goods and services for various market segments; it also offers protection from various markets as well as product life phases, permitting money to flow in if certain company products are on the decline while others are growing and maturing.

•Focus Strategy is a type of strategy composed of looking at a narrowly defined market segment. Sometimes called a ‘niche’ segment; businesses that operate under this approach have buyers that know, are grateful for and are willing to pay a premium price for luxury goods and service (Inkpen, & Ramaswamy, 2006).

The other key business level, strategies consists of the development of clearer unique benefits, proper utilization of the human resources, close monitoring of the product plans, and finally, accurately identifying the market niches. Through these, the organization will have clearer ways in which they will be able to review the strategies for the business operations.

Assess potential corporate level strategies for the organization

Previously, this learning team was asked to create a strategic plan for the organization. The Chief Executive Officer (C.E.O.), was invited to evaluate different strategies and give his recommendations for the corporation. The report discusses potential value disciplines for the organization; as well as potential grand and global strategies for the conglomerate. Furthermore, the report identifies the best general, high, and global strategies and the best value disciplines; as well as a recommendation for a strategy or combination of strategies for the organization to implement. The report gives a rationale for the proposal. Assess potential value disciplines for the organization. Conferring with enterprise officials, Martin understands such extraordinary development is realized, in the midst of other ways, through the saturation of novel and unexploited “markets like China, India, Mexico, and South Africa.” Likewise, organization’s potential value disciplines included improving its publicizing method and precisely marking new segments such as multi-ethnic adolescents and females; as well as, proposing different sizes of merchandises. The company must continue to evaluate the performance of its stock cost and the value of the business by employing the cut-rate stream of cash. The organization has been emerging first-hand soft thirst-quencher varieties such as Coke Zero; not to mention differentiating into new merchandises including, vitamin liquid and vitality beverages. Evaluate potential grand strategies for the organization Grand strategies are key, all-encompassing stratagems that outline the progression of a corporate (Robin, & Reidenbach, 1987). In comparing maneuvers, ambitious plans are intensive on the long-standing objectives of the commerce. Acting as C.E.O. of the organization means thinking of critical approaches connecting all from merchandise improvement to insolvency. Dissimilar lines of attack will, no doubt, be appropriate for different circumstances; therefore, it helps to

Some of the factors that the corporate business strategy may include the adequate guidance on how the market is defined, with the inclusion of the geographic scope. Moreover, a corporate level strategy may be crucial in distinguishing it from the other available plans and the processes of planning that incorporated the terminology, “strategic,” within them. Therefore, the leading management has fundamental duties of making responsibilities when it comes to the development of useful corporate strategies and the managers have a direct responsibility of providing capital to the particular organization.

Assess potential global strategies for the organization

By definition, a comprehensive strategy is a term that has been shortened and spans through three key categories; global, international, and even multinational strategies. When developing its global strategy, the organization has clearly understood the actual difference between the various forms of the international expansions that may result from the resources from the organization, its capabilities, and the position it holds on the international level. When considering the global strategy, the primary objective of the firm has closer relations to the market at home. On the other hand, a multinational approach is when the firm has involvement in a series of demands that spans beyond its host country. Finally, the global strategy is when the company thoroughly treats the world as being a single general market.

Recommend a strategy or combination of strategies the organization should implement, and include a rationale for that recommendation

The wise position that the firm should take is to consider incorporating all of the strategies combined. Strategic planning lays the foundation for the achievement of success by assisting the company to attain the goals and objectives of the firm. Therefore, the incorporation of ethics would ensure that the corporation enjoys lasting success. The primary function of corporate social responsibility in business is to ensure that the company fulfills the societal expectations from the enterprise (Singhapakdi, Vitell, Rallapalli & Kraft, 1996). Hence, it is only through the use of the three strategies combined can the firm effectively realize its objectives.

References

Inkpen, A. C., & Ramaswamy, K. (2006). Global strategy: Creating and Sustaining Advantage across borders. New York: Oxford University Press.

Ireland, R. D., Hoskisson, R. E., & Hitt, M. A. (2008). Understanding business strategy: Concepts and cases. Mason, OH: South-Western Cengage Learning.

Robin, D. P., & Reidenbach, R. E. (1987). Social responsibility, ethics, and marketing strategy: closing the gap between concept and application. The Journal of Marketing, 44-58.

Singhapakdi, A., Vitell, S. J., Rallapalli, K. C., & Kraft, K. L. (1996). The perceived role of ethics and social responsibility: A scale development. Journal of Business Ethics, 15(11), 1131-1140.