Strategic Management Essay Examples & Outline
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A strategic plan is an essential ingredient in the creation of the best institution or even in the personal success (Birkinshaw, 2004). Leadership and good management intuition are not the heuristic for the successful management of the organization. Strategic management is concerned with the identification and execution of the organizational goals with the market demands. A standard strategic management plan follows a certain sequence which makes up the heuristic of organizing a strategic plan (David, 2005).
The first step of strategic management is the definition of the current level of business and the mission. This step seeks to look at how far the organization is at as far as the mission is concerned. The next step is carrying out the external and internal audits. Both audits facilitate the situational analysis whereby the organization seeks to find out the actual scenarios that surround it. It also helps in the creation of the right approach to the issues that face the organization (Birkinshaw, 2004). The third step is the formulation of new mission and vision statement of the organization. The mission is a generalized objective and there is no way of ensuring implementing the mission (Sadler, 2003). This leads to the fourth step which is the translation of the mission into measureable and attainable goals.
Goal formulation has a more focused approach than the mission statement formulation. The fifth step in the strategic management process is the formulation so the strategies that are to be applied in the attainment of the strategic goals. Strategies assess the most effective approaches that an organization can employ in the attainment of the already formulated goals (Sadler, 2003). The sixth step in the strategic management process is the implementation of the strategies, the final step is the performance evaluation on the effectiveness of the strategic plan. Strategic management unlike processes like inventory management process is important in that it leads to the creation of the right approach to the issues that face the organization.
Ford has been facing a lot of challenges from the competition and market dynamics. Toyota and Nissan have proven themselves to be worthy competition for Ford Company since they are able to produce their vehicles with the market in focus. Japanese car manufacturers also have the advantage of cost efficient production processes. Ford vehicles are highly priced hence not appealing to the low-income earners (Birkinshaw, 2004).
The above issue proved that the company needed to place more focus on the final user of the product and come up with a sustainable business model. With a view of change in mind Ford came up with a strategic plan dubbed The Way Forward. The plan involved downsizing the number of employees, closing up numerous plants and automation of most of the production process (David, 2005). The steps followed in the creation of the strategic plan included; performance of the external and internal audits, formulation of the new mission, formulation of strategic goals, formulation of strategies, implementation of the laid strategies and finally, evaluating the performance of the new strategy
Birkinshaw, J. (2004). Strategic management (1st ed.). Cheltenham, UK: Edward Elgar Pub.
David, F. (2005). Strategic management (1st ed.). Upper Saddle River, N.J.: Pearson Prentice Hall.
Sadler, P. (2003). Strategic management (1st ed.). Sterling, VA: Kogan Page.