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STR/581
PLEASE RESPOND TO THE FOLLOWING HIGHLIGHTED TOPICS WITH A 150 WORD COUNT IMPLEMENTING THE ANSWERS UNDER each subject DUE 4/29/2017 STR/581 STRATEGIC MANAGEMENT
Posted by Andrew
Stakeholders are critical to discuss the strategic management process. We often hear about shareholders, those who have stock in a company. However, stakeholders are a much broader group. Anyone that contributes to the company's actions or is affected by the corporation's actions. Employees, managers, creditors, suppliers, etc. are all part of a company's stakeholders. Each one of us is a stakeholder in the business we work for, even if you are not in an important role. Stakeholders need to stay informed of the business' operations and buy into the mission and vision of people who are affected by the company's actions.
posted by ALICIA
Technology is changing competitive environments; the rate at which technology changes and are used has been steadily increasing for the last 20 years (Hitt, Ireland, & Hoskisson, 2015, p. 11). With the advancements in technology what used to primarily regional economies have all intersected into a large global economy. The speed by which we can create products and get them out to the public is significantly quicker; not only that but, with technology we can research competitors to gain an advantage in the creation and marketing of the product. With the rapid increase and availability of technology, firms can get tools to better leverage their specific offerings.
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2015). Strategic Management: Competitiveness & Globalization: Concepts & Cases. Stamford, CT: Cengage Learning
Components of Strategic Management
Posted by Israel
From chapter one, the components of a strategic management process involve the vision and mission, objectives, strategies, implementation, and evaluation. When it comes to the vision and mission, the preparation of the concept leads to the mission. Within this component, the business is also more clearly defined as far as its focus and how it will be established. Within the objectives component, the mission is primarily made into both long-term and short-term performance goals. Moreover, assessable statements and specific times are defined. Strategies are then developed to fulfill the objectives. Implementation involves going through with the plan. It requires proper motivation, structuring, and rewarding. It is also important to establish a sound budget, as well. The evaluation component is a process of review in which the components mentioned above are observed and modified accordingly. I believe the operation part is typically the most difficult for managers to perform because it requires the most action. It is somewhat easy to come up with ideas; it is much harder to actually go through with them
posted by CANDACE
Bribery is a major problem that is confronted by multinational firms, which operates in international markets. In general, a country that has weak organizations with much more activities of bribery tends to have fewer exports as a result. Corruption can create difficulties for global business investment, especially for markets that are emerging, but multinational firms will often have issues with assessing the bribery risk in other countries. Researchers from TRACE International and RAND Corporation has developed a tool in helping multinational firms to assess the bribery risks that may be faced when business is being conducted in foreign countries. The tool also helps in tailoring compliance policies in order to address those threats.
posted by Andrew
Corporate governance is an interesting topic to cover. I found the example with JP Morgan to be especially interesting. They took what was determined to be an unreasonable risk and lost billions of dollars. It turns out that one guy had the role of CEO and chairman. It is harder to rely on corporate governance to have true oversight and maintain checks and balances when the power is not distributed, such as the case here. If they would have had a separate CEO and chairman, it is possible this would not have been allowed to happen. Obviously we cannot know for sure, but it is important nonetheless to discuss cases like this to learn from these mistakes.
