Strategic Management ccusa autobiographical essay help Management

Strategic management seeks to coordinate and integrate the activities of the various functional areas of a business in order to achieve long-term organizational objectives. A balanced scorecard is often used to evaluate the overall performance of the business and its progress towards objectives. ISO 9000 is a family of standards for quality management systems. ISO 9000 is maintained by ISO, the International Organization for Standardization and is administered by accreditation and certification bodies.

Processes Strategic management is a combination of three main processes, which are as follows (as documented by Lemon Consulting) Strategy Formulation- Performing a situation analysis, self-evaluation and competitor analysis: both internal and external; both micro-environmental and macro-environmental. Strategy Implementation- Allocation and management of sufficient resources (financial, personnel, time, technology support) Strategy Evaluation- Measuring the effectiveness of the organizational strategy.

It is extremely important to conduct a SWOT analysis to figure out the strengths, weaknesses, opportunities, and threats (both internal and external) of the entity in question. This may require to take certain precautionary measures or even to change the entire strategy. Suitability- Suitability deals with the overall rationale of the strategy. The key point to consider is whether the strategy would address the key strategic issues underlined by the organization’s strategic position. Feasibility- Feasibility is concerned with the resources required to implement the strategy are available, can be developed or obtained.

Resources include funding, people, time, and information. Acceptability- Acceptability is concerned with the expectations of the identified stakeholders (mainly shareholders, employees, and customers) with the expected performance outcomes, which can be return, risk, and stakeholder reactions. A company or organization that has been independently audited and certified to be in conformance with ISO 9001(which is one of the standards in the ISO 9000 family) may publicly state that it is “ISO 9001certified” or “ISO 9001 registered. Certification to an ISO 9000 standard does not guarantee any quality of products and services; rather, it certifies that formalized business processes are being applied. Indeed, some companies enter the ISO 9001 certification as a marketing tool. Some of the requirements in ISO 9000 include A set of procedures that cover all key processes in the business; Monitoring processes to ensure they are effective; Keeping adequate records;

Checking output for defects, with appropriate and corrective action where necessary; Regularly reviewing individual processes and the quality system itself for effectiveness; and Facilitating continual improvement. PRINCIPLES Successful strategists seek to EXPLOIT what a company does best: Expertise Strengths Core competencies Strongest competitive capabilities Strategists shun strategies placing heavy demands on areas where company is weakest or has unproven ability! Building a Core Competence

A core competence is something a company does especially well in comparison to its competitors! The development of quality systems has evolved from many principles and techniques. These principles and techniques include kabana, hashin-kanri, kaizen, quality control circles, quality function deployment, just in time, Deming’s 14 points, etc. In reality, these principles and techniques have been successful in achieving improvement in the areas of design, variation reduction, team building, customer satisfaction, leadership, prevention, process improvement etc.