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Global Strategic Management

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Essay title: Global Strategic Management

Global Strategic Management

Gwendolyn Yaple

MGT485-0601A-02-IP Unit 1

Dr. Jack Aschkenazi

January 7, 2006

The most important problem facing the Wallace Group is the micromanagement of the organizations by the CEO Harold Wallace (Wheelen and Hunger 2006 p. 2-1-2-10.) The Wallace Group should empower rather than micromanage. All areas of management should be monitored. The failure to develop sufficient management accountability, communications and oversight results in the breakdown of tasks and processes that are reflected in lost productivity as well as profitably. Management should create and communicate reasonable controls to validate the job at hand. These controls can lead to inadequate or ineffective performances that must be corrected or mitigated.

I would begin by explaining to Mr. Wallace that Strategic management is the process by which strategies and policies are put into action through the development of programs, budgets and procedures (Wheelen and Hunger 2006 p. 16.) I would further explain that an organization's objectives must be identified in order to develop such policies and plans. The Chief Executive Officer (CEO) and executive team should implement such plans. Strategic Management provides overall direction to the whole enterprise. The organization’s strategy must be appropriate for its resources, circumstances, and objectives. The process involves matching the companies' strategic advantages to the business environment the organization faces. One objective of an overall corporate strategy is to put the organization into a position to carry out its mission effectively and efficiently www.wikepedia.com A good corporate strategy should integrate an organization’s goals, policies, and plans into the entire organization so that the entire organizations needs are met (Wheelen and Hunger 2006 p. 16. )

The best course of action for the Wallace Group to take consists of the following:

Retrieved from www.wikepedia.com

Strategy formulation:

• Doing a situation analysis: both internal and external; both micro-environmental and macro-environmental.

• Concurrent with this assessment, objectives are set. This involves creating vision statements (long-term view of a possible future), mission statements (the role that the organization gives itself in society), overall corporate objectives (both financial and strategic), strategic business unit objectives (both financial and strategic), and tactical objectives.

• These objectives should, in the light of the situation analysis, suggest a strategic plan. The plan provides the details of how to achieve these objectives.

According to (Wheelen and Hunger 2006 p. 5.) Strategic Management need not always be a formal process. It may begin with just a few simple questions. The questions include the following:

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