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Strategic Management And Business Policy, Global Strategic Management Wallace Group

857 words - 3 pages

The Wallace Group is in need of a Board ofDirectors for their corporation. The board of directors hasan obligation to approve all decision that might affect thelong run performance of the corporation. Harold Wallacehas acted as a one man board of director, making all finaldecisions for the Wallace Group. The board of director'sresponsibilities is setting corporate strategy, overalldirection, mission, or vision. Hiring and firing the CEO andtop management. Controlling, monitoring, or supervisingtop management. Reviewing and approving the use ofresources and caring for shareholder interests. (Wheelen &Hunger)The next important problem that the Wallace Groupis facing is the fact that they have never created orimplemented a strategic management. The role of the boardof directors in strategic management is to carry out threebasic tasks. The first if to monitor, by acting through itscommittees and to pay attention to developments inside andoutside the corporation and bringing these to the attentionof management. The next would be to evaluate andinfluence management proposal, decisions, and actions;give advice and offer suggestions. The final is to initiateand determine, a board can delineate a corporation'smission and specific strategy.Strategic management is a technique you can use tocreate a favorable future and help your organization toprosper. To create this favorable future, you must involveyour organization's stakeholders (anyone with a vestedinterest in achieving your organization's goal) inenvisioning the most desirable future and then in workingtogether to make this vision a reality. The key to strategicmanagement is to understand that people communicatingand working together will create this future, not somewords written down on paper.Strategic management does not replace traditionalmanagement activities such as budgeting, planning,monitoring, marketing, reporting, and controlling. Rather, itintegrates them into a broader context, taking into accountthe external environment, internal organizationalcapabilities, and your organization's overall purpose anddirection.Strategic planning marks the transition fromoperational planning to choose a direction for theorganization. A key premise of strategic management isthat plans must be made on the basis of what has happened,is happening, and will happen in the world outside theorganization with a focus on the threats and opportunitiesthese external changes present to the organization. Thiswould be an external analysis and would apply to the jobmarket with the pay of the employees at Wallace group. Itis important to understand why the organization hassucceeded in the past, what it will take to succeed in thefuture and how it must change to acquire the necessarycapabilities to succeed in the future. To do this HaroldWallace needs to evaluate the organization's capacities - itsmanagement, program operations. Evaluate theorganization's resources, people, money, facilitiestechnology and information....

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