Discuss ten (10) strategies and their advantages in connection with the corporation’s goals and objectives. (30 points) (A 2-page response is required.)

Organizational changes may involve various things including but not limited to introducing a new business concept, merging departments, changing the culture, or outsourcing. In an effort to recognize the underlying forces of change, as well as the requirements of the effective implementation of change, it is imperative to distinguish the various approaches organizations can take. For companies to remain competitive, responding to the external environment and recognizing the need for change is of utmost importance to the organizational survival (Spector, 2010, p. 1-3). According to Spector, 2010, p. 3, in response to those dynamics, corporate leaders often decide to engage in a process of strategic renewal allowing them to alter the strategy of the organization with the intent of regaining sustainable competitive advantage. In addition, active strategic renewal requires, "leaders need to align internal processes, structures and system with the demands of the new strategy" (p. 5). On the other hand, behavioral change is another essential aspect of achieving and sustaining organizational performance. It involves what employees do, how they do it, the amount of effort they put into their roles as well as their persistence in achieving the desired outcome (p. 7).

There are 10 basic tasks for “The action agenda for executing a strategy”. These 10 tasks are: Build the organizational capabilities required for successful strategy execution, establish a strategy supportive of organizational structure, and allocate sufficient resources to the strategy execution effort, Institute policies and procedures that facilitate strategy execution, adopt best practices and business processes that drive continuous improvement, install information and operating systems that support strategy execution activities, tie rewards and incentives directly to the achievement of strategic and financial targets, instill a corporate culture that promotes good strategy execution, exercise strong leadership to propel strategy execution forward, and staff the organization with the right people for executing this strategy. If managers execute these 10 tasks well, the company has a higher success rate.

Due to the growing competition and diminishing market share, companies are opting for different strategies to achieve their survival objectives as well as growth. Companies are thus executing grand strategies to provide their businesses with a clear direction for its strategic actions. These strategies, therefore, aim at both short term and long term sustainability and growth, and they include innovation, market development, product development, and concentration.

The planning process begins with a situation analysis of the external and internal forces affecting the organization.  This examination helps identify and diagnose issues and problems and may bring to the surface alternative goals and plans for the firm.  Next, the advantages and disadvantages of these goals and plans should be evaluated against one another.  Once a set of goals and a plan have been selected, implementation involves communicating the plan to employees, allocating resources, and making certain that other systems such as rewards and budgets are supporting the plan.  Finally, planning requires instituting control systems to monitor progress toward the goals.

Organization's strategy – cluster of decisions concerning what organizational goals to pursue, what actions to take, and how to use resources to achieve these goals

Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.

There is indications that in the coming years the business environment will change more frequently, with higher speed and with greater intensity than before. To remain competitive in the long run the enterprises needs to meet these environmental changes. However, the changes in the environment will become increasingly difficult to foresee. A multitude of management concepts has been developed to provide managers with better receipts to meet this changing business environment and the problems that arise (Pfeifer, Schmitt, & Voigt, 2005). This challenges the enterprises to meet and conquer upcoming situations with the, for their explicit situation, suitable strategy. What goals an enterprise striving after might will with no

1. Which of the following is not an implication of the globalization of product and markets?: Profit potential of any company rests on their international strategy

In order to do a strategic management plan, management must understand what it is that the surrounding environment needs in order for a company to succeed in another country. This is done by environmental scanning. Environmental scanning is as it sounds, scanning the environment for trends, events, and relationships with an organizations external environment (Choo, 2001). By doing environmental scanning, managers can see the trends that are going on in a particular place. It helps the managers to determine what changes need to be made to a business in order to keep the business successful. Trends and events can be tracked by the local newspapers and magazines in the target area. This allows the managers to see what the

“Competitive strategy involves positioning a business to maximize the value of the capabilities that distinguish it from its competitor’s” (Porter 1980:47). A successful business plan requires first and foremost the formation of an appropriate strategy. Through the implementation of a suitable strategy, the company is able to obtain its own industry niche and gain an understanding of its customers (Porter 1985). Whichever strategy is adopted it must be adequately integrated within the firms goals and missions to achieve a competitive advantage (Parker and Helms 1992).

First established by John C Lincoln in 1895 in the United States of America, Lincoln Electric were solely committed to produce motors designed by its founder. Due to a combination of many efforts vision of the market and ambition of expanding its business activities, Lincoln Electric went on to became the biggest leading electrics manufacturers in the world. The present case study analyses the company’s overall strategy; philosophy; compensation methods; leadership style and communication, regarding its plans to move to Indian’s market.

2. To demonstrate and evaluate the strategy and the process undertaken to implement strategy, manage, and understand its impact on the organization.

Recently organizations have been faced with challenges like never before. Increasing competition from business across the world has meant that all businesses must be much more careful about the choice of strategies to remain competitive. Everyone in the

The current corporate strategy of the business had some positive changes to the organization and hence, restructured the entire organization accordingly. The corporate strategy is based on ONE Plan that had the following four priorities:

“The best strategy for a given firm is ultimately a unique construction reflecting its particular circumstances.”(Michael Porter). This assignment will focus on fabricating fundamental strategies suitable for a particular industry and a specific organization’s situations, and the different dynamics that managers face when implementing them. Mainly looking into two particular industries namely emerging industries which will be addressed in section a, and Turbulent, high-velocity Industries which will be addressed in section b of the assignment discussing extensively the appropriate strategies firm must adopt to achieve their corporate goals.