Introduction to Strategic Management Unit 1 IP

Running Head : Strategic Management Able Corporation

Strategic Management : Able Corporation

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Abstract

Able Corporation is already a successful company . It is already the leading firm in the industry it engaged in . The next step now for the organization to make is to take its business internationally . But before it takes its operation beyond the shore of United States , it defines itself as a company and formulates from this its mission statement to give it a firm , strong business identity . It also must assess its strength

as a company . This can be done by several basic and fundamental management components . Once this is done , the implementation process ought to be unified efforts coming every department of the company . This implementation is divided in terms of short-term goal , annual objectives and long-term objectives . Who monitors and evaluates the progress of the strategy according to the time-frame of the plan is the company 's board of directors . This body will regularly do performance appraisal of every department to make corrective measures . Likewise , it also has to formulate a code of ethics for the company and its employees to follow to compete strongly with its international rivals

Introduction

In the present setup of a globalized market place , every successful player in every industry is left without a choice but to embrace the opportunity offered by expanding its business internationally . There is no place to go but up if one would call it as such for these leading players in various industries . The attractiveness of widening the market reach of a company by going global is nothing else but the inevitable fruit of being the best in one 's industry

In the case of Able Corporation , its mission statement can be formulated as something like this

To become the leader in the international market in manufacturing world-class household equipment through its dedicated people and utilization of innovative technology in pursuit of giving one hundred percent satisfaction to its consumers

Strategy Design Components

In every strategic management plan , a company ought to use all the necessary business tools under its disposal in creating a viable and sounder decision as the industry maneuvers that it plans to spearhead For Able Corporation , the first step that it will lead towards its objective is to assess the competitive qualities of the firm against its rivals in the industry . Since expanding globally is not a simple issue for a company trying to penetrate a larger market base , this component has a significant use for the firm to know where it is in the map of the industry . As they say , you must first know where you are so that you can plan your way on how to get to the place you targeted as your destination . This initial task can be done through the help of a well designed Competitive Pro Matrix (CPM . Failure on the part of a company planning for a new strategic management move to do this basic and fundamental assignment usually put the...