Student 1

1. Why has strategic management become so important to today's corporations?

Strategic management has become so important to today’s corporations because it allows managers to continue to work towards ensuring their companies remain competitive. In today’s environment, mistakes can be very costly and could devastate a corporations. Strategic management allows managers the opportunity to execute business decisions that steer the long-term performance of an organization into a positive direction. Benefits of strategic management includes; giving companies a competitive advantage, they have a better course of action to achieve goals, they attain sustainable growth, the organization becomes more cohesive, and mangers have an increased awareness of what decisions that will foster continued growth in the future (Indeed Editorial Team, 2021).

2. What information is needed for the proper formulation of strategy? Why?

Information needed for the proper formulation of strategy includes the corporation’s mission and objectives. This information is needed because it is required to develop strategy. You have to know what your end goal is to determine the best way to meet that goal. The mission is the purpose for establishing an organization and objectives of an organization are the goals or milestones that a company works towards to meet the overall mission. I would describe this is the foundation for an organization and the strategy is the game-plan for meeting the objectives that are directly related to mission success.

References:

Wheelen, T.L., Hunger, J.D., Hoffman, A.N., Bamford, C.E. (2018). Strategic Management and Business Policy: Globalization, Innovation, and Sustainability. Pearson.

Indeed Editorial Team. (2021, June 2). Strategic Management: Definition, Purpose, and Example. Indeed. https://www.indeed.com/career-advice/career-development/what-is-strategic-managementLinks to an external site.

Student 2

Good Evening Class,

1. Why has strategic management become so important to today's corporations?

Strategic management has become so important today’s corporations because the competitive environment is very dynamic and it gives firms a more focused and long-term path to secure future growth evaluate internally and externally, reduce costs, and develop value for their customers and shareholders. The text states, “One of the most critical drivers of business success is a leader’s ability to design and implement a strategy for the company. (Wheelen 2017)” In today’s corporations in particular there are new challenges with the evolution of e-commerce vs. brick and mortar and now the pandemic changing the business climate.

Additionally, business leaders must be innovative and be able to adapt to the ever-changing business environment, and having strong strategic management will be critical to keeping their competitive advantage. A 2021 article from businessbeause.com states, “Strategy and innovation come hand in hand. By strategizing, you’ll be able to plan new ways to navigate out of a crisis like the COVID-19 pandemic and ensure your organization is prepared for future challenges. (Cook, 2021)”

1. What information is needed for the proper formulation of strategy? Why?

A proper formulation strategy requires an analysis that defines the mission, objectives, competitive advantages, policies, and guidelines. The mission will establish the purpose that the firm exists. You must have a purpose before you even begin to develop a strategy. Another part of planning is establishing the objectives. The objectives should be actional steps with expected results to execute the mission. The text states,” The achievement of corporate objectives should result in the fulfillment of a corporation’s mission. (Wheelen 2017)” Discovering the competitive advantages is a comprehensive approach to understanding its strengths, weaknesses, opportunities, and threats. The establishment of policy guidelines ensures that employees have a guide to support the mission and overall strategy.

References:

Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic Management and Business Policy (15th Edition). Pearson Education (US). https://mbsdirect.vitalsource.com/books/9780134538662Links to an external site.

Cook, S. (2021, May). Why Is Strategic Management Important? Retrieved from BusinessBecause: https://www.businessbecause.com/news/masters-in-ma…