Strategic Management – Outline
Strategic inputs - The phase of strategic inputs of process of strategic management
comprises of ideas that include analyzing the all essential external setting.
Strategic actions - Different corporations intend to initiate appropriate action in process
of realizing its operational goals in this phase
Strategy outcomes - It is the last section of strategy management process in operations of
External environment for company - These environments in business operations of the
companies are often beyond controls as they are found within the outside sphere of
Internal environment for company - The internal environment in operations of company
is essential since they go a long way in process of determining success in operations.
Objective of analysis - purpose of analyzing external environment is all concerned with
the idea of identifying different threats and opportunities within its operations.
I can assist my company boss through describing meaning and what B-L strategy entails.
B. B-L Strategy - Are the mechanism for business to attain competitive merit.
C. Available B-L Strategies, B-L Considerations and Risks - The four diverse strategies of
business level comprise of cost leadership, focus, differentiation, together with integrated
IV. QUESTION 4
A. Competitive rivalry – It revolves around the ability of the organization to understand
strategies as well as actions of its rivals during operations.
B. Threats of entrants - It comprises of potential new entrants into the marketplace as the
corporation ought to quantify such operations.
C. Threat of substitute - It involves customers switching from a single company to another
after realizing that their requirements can be met from a different market.
D. Bargaining power of suppliers - It comprises of needs that corporation has for raw
materials that generate buyer-seller association amid its suppliers together with the
E. Bargaining power of clients - The strategy involves the process of assessing the degree to
which buyers of clients possess the power of bargaining in the market.
V. QUESTION 5
A. Strength - It comprises of resources that are intangible including reputation or popularity
of the company.
B. Opportunities - Opportunities consist of the introduction of fresh products to enhance the
base of customers and the position of the corporation in marketplace.
C. Weaknesses - These comprise of quite costly products meaning that customer is probable
to switch from the organization.
D. Threats - These comprise of potent rivals that include Puma that has been within the
international marketplace for years.
Running head STRATEGIC MANAGEMENT
Strategic Management Questions
Strategic Management Questions
Explain the “Strategic Management Process” and how a corporation is likely to use this
process to achieve strategic competitiveness (to earn above-average returns)
Strategic management processes within operations of corporations refer to the full set of
choices, pledges, together with proceedings needed for the company to reach strategic
competitiveness alongside earning above-average income (Kuznetsov & Rudenko 2015). The
first step of the corporation in process of strategic administration comprises idea of analyzing its
internal along with the external environment. Such analyses are essential in determining the
corporation’s resources, capabilities, and necessary competencies. With the information
concerning strategic process management, the corporation can be able to develop its mission and
vision and formulates its operation strategies (Hitt, Ireland, & Hoskisson, 2011). The process of
strategic management is mostly destined to lead different corporations to planned
competitiveness through thriving implementation together with the formulation of the strategy of
creating strategies. According to Bochene (2019), strategic practice is always recognized to
consist of different principal features that include deliberate inputs, outcomes, alongside actions.
The phase of strategic inputs of process of strategic management comprises of ideas that
include analyzing the all essential external setting. It is necessary to note that external business
setting is on exterior of corporation, as in most cases, proves challenging since the corporation
comprise of little or no management over its operations (Hitt, Ireland, & Hoskisson, 2017).
Additionally, this external environment represents opportunities alongside threats to the
corporation leading to emphasis on importance of examining it effectively.
In process of examining external setting as a section of the strategic administration
process, corporation can be capable of assessing or monitoring and forecast on different matters
like the trend of the industry. Hence, this is essential in the effort of the organization to achieve
policy competitiveness with enhanced returns (Hitt, Ireland, & Hoskisson, 2014). As section of
course of planned management, phase of strategic input comprise of idea of analyzing the
internal environment. Such cases rotate around creating much-needed resources to understand
capabilities (Bochene, 2019). It is clear to record that resources of organization dictate its
capabilities. In most cases, this comprise of the core competencies of organization. If the
corporation has additional resources, the process of deliberate management aids organizations to
manage their operations effectively. Such idea gives the organization advantages over its rivals
within the marketplace (Kuznetsov & Rudenko 2015). Moreover, analysis of external as well as
internal business settings is essential to the operations of the corporation because it helps in
determining its achievement. It also helps in determining survival in present complex business
around global society.
From the illustration above, it is clear that organization works in a turbulent business
society. According to Penman, & Goldson (2015), achievement of company is all about
identifying strengths together with the weakness of an individual. These strengths and
weaknesses might lie in internal environment or external environment of organization. Hence,
effective device is important to assist corporation in process of recognizing their strengths and
weaknesses meaning that they are in spot to create appropriate duty (Hitt, Ireland, & Hoskisson,
2011). However, corporation is capable of using policies within next stage of process of strategic
administration that is strategic measures.
In this phase of strategic management process, different corporations intend to initiate
appropriate action in process of realizing its operational goals. It is important to note that the
realization of different goals can only be essential and useful when strategies are properly
formulated and implemented (Hitt, Ireland, & Hoskisson, 2014). The section of formulating
strategies is perhaps the most challenging as corporations are required to focus or look into
different structures that consist of business-level strategy, international strategy, corporate-level
policy, together with corporative strategy (Kuznetsov & Rudenko 2015). Conversely,
implementation section comprises of ideas such as features as configuration and control of
corporate, leadership, along with governance.
It is the last section of strategy management process in operations of most corporations.
In any instance, corporation ought to evaluate the effectiveness of their operations. Such idea
might comprise of idea of concentrating on looking into enhancement in terms of returns.
Furthermore, corporation that focuses on using features above of tactical administration process
is certain to be advantageous along with triumph (Hitt, Ireland, & Hoskisson, 2017). All these
processes of strategic management help in dealing with ideas of managing, analyzing, and
planning to attain all goals of organization. It helps the organization to view where it presently
stands, where it will be in the future staying on the present course as well as where it would like
to be within the future (Bochene, 2019). Besides, strategic management process takes advantage
of resources of the organization to create the strategy that assists getting closer to or attain their
goals. In simple expressions, five forces replica stand for planned device that enables
organization to assess their business setting, plus degree of competitiveness within reality.
The strategic management process can help in making the corporation to stand that when
total number of buyers is small, then they can either improve quality of products or lower prices
to attract more buyers. Hence, through strategy of bargaining authority of clients, corporations
can then focus on standardizing products and purchase other economically feasible to purchase
the product from multiple vendors at similar time as a way of improving competition around
market (Bochene, 2019). Besides, corporations can utilize strategic administration process to
enhance their competitiveness through ensuring that all elements provided by suppliers are the
constitution of large portion of the total cost of the product to buyer (Kuznetsov & Rudenko
2015). Hence, such idea will ensure that corporation remains to have potential authority to
suppliers to be increased. The strategy will ensure that every supplier can facilitate forward
integration or impose extra cost on the process of production as a way of improving their
Compare and contrast the analysis that a company undertakes to analyze its internal
versus its external environments.
From ideas of strategic administration process, corporation works in as well as contacts
both the external as well as internal business setting. In most instances, different corporations
have the mandate of analyzing the environment to attain appropriate strategies and become
triumph (Bomblies, Higgins, & Yant, 2015). However, two environments remain to vary by far.
Hence, company has the mandate of interpreting them distinctly. For instance, external
environment in operations of company is concern with outside and is crucial to reveal the
strengths and weaknesses of the company. It reveals such aspects because external environment
comprises of ideas of analyzing capabilities together with advantages over other companies
(Shahudin, 2018). In a different setting, internal environment remain to be on within the
company and it is concern with the performance of company.
External environment for company
These environments in business operations of the companies are often beyond controls
as they are found within the outside sphere of company. It follows that these environments are
quite complex and turbulent. Hence, company is possible to face various operational contests
that are past its control (Shahudin, 2018). For instance, trends in technology in a particular
company are likely to mean that the corporation interacts in particular manner. Therefore,
process comprises of monitoring, forecasting changes, and monitoring variations within setting.
Nevertheless, examining such environment is quite vital to competitiveness of company together
with its accomplishment that they cannot be overlooked during operations (Bomblies, Higgins, &
Yant, 2015). Notably, analyzing the external environment takes the form that deals with
assessment useful in determining appropriate timing and management of changes in the
Internal environment for company
The internal environment in operations of company is essential since they move a long
system in process of deciding success within operations. Besides, in this scenario, assessment of
such environment is related to resources of organization and general competence (Shahudin,
2018). It is important to note that the resources of company are useful in determining its
capacity. Hence, it implies that the process of analyzing inner section of company consists of
understanding together with management of resources. The analysis might also comprise of
values, goals, internal structure, and capab...