|Due By (Pacific Time)||01/08/2017 12:00 am|
2 short questions to answer. at least 150 words for each questions. no format or citeing work needed.
Multinational organizations almost always have some type of competition on the open market. This is where capitalism is usually its finest. This type of environment is fierce and where only the strong can survive. There are many ways that companies can work to ensure success but one of the better ways is to create a strategic management process, which can help an organization to gain a competitive advantage over other in their industry. One such process is known as the multinational strategy process which is broken down into many different areas. One of the most important aspects of this process is to set and evaluate a mission, vision, goals and objectives. It is hard to have a strategy process if you don’t first understand what the company wants to do and how it would like to set the bar for success. The process then breaks down a couple of different ways to include different types of analysis. Analysis is important so that a company can get a better understanding not only of their customers but their competitors in an effort to become more competitive. Then comes identifying a strategic options and selecting one. This is a very important step as it is where the rubber meets the road and the plan will either work or fail. Finally, the company needs to evaluate the process or plan and identify where it can improve and make changes. These tools will help to put a company ahead of their competitors as it gives them the ability to change. Companies such as Kodak and Blockbuster didn’t change and when the market did, they were left in the dust. All in all, companies need to understand not only themselves but their competitors and the customer. There is a lot that goes into making a company successful and being able to break down a company in an effort to improve it can go a long way towards being a successful company.
n this week’s discussion post we are asked to describe a strategic management process that can be utilized by a multinational organization to gain a competitive advantage over others in their industry and explain the importance of each stage. “The strategic management process is designed to offer a systematic, step by step method to bring understanding to what often seems a chaotic situation and to offer a reasoned approach to deciding on a path to sustained advantage.” (Tallman, 2009) One strategy that can be used to gain competitive advantage is by utilizing analyses. If you gather data and find that you can make your product cheaper because due to your location you can access a vital material cheaper than your competitors you have a distinct advantage over your competitors.
First is to set & evaluate the companies mission, vision, goals, and objectives. This allows companies to look at short and long term goals along with aligning and hiring staff that will best help them achieve what they are setting out to do.
Second is to analyze, companies should perform analysis on environmental, competitive, industry, resource, and capability. This helps companies identify potential risk factors that may be awaiting them down the road. This also is helpful in identifying not just external but internal factors that could affect growth later on.
Third is once we have analyzed everything we can now formulate a strategy that can move the company forward. This allows us to plan allocate resources as we see necessary to compensate for our already identified risks.
Fourth, now that we have made a strategy the employees are told what is expected of them and implementation of the plan is begun.
Finally we have the fifth step, which is evaluation and checking regularly to see if the plan is working so if it isn’t it can be adjusted if need be.
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