Answer Questions - Coursework Example

It will also position the firm in the market place to capitalize on attractive growth opportunities (Cornett). The firms strategy has to change to fit the firms current position. Strategies have to change to meet the changing economic conditions in the industry. It will enable the firm to determine better ways of ensuring customer satisfaction. In addition, the changing strategies enable the firm to capitalize on attractive growth opportunities. In addition, strategies have to change to enable the firm to achieve its performance targets.

The Board should have courage to take actions of the management if they are of the opinion that it is inappropriate. In addition, the Board of Directors ensures to shareholders that the CEO is performing as expected by the board (Cornett). They all explain all about a company or individual preferences in terms of what they want their potential clients to know by letting them understand some of the policies to be followed while in the business. Companies need financial objectives to present financial performance of the management‘s goals.

In addition, financial objectives are lagging pointers that portray the outcome of organizational activities and past decisions. However, strategic objectives precede financial objectives since it focuses on the firm’s past, current and future performance when a financial objective looks only upon past and current performance of the company. The balanced scorecard is a method of putting together into use both financial and strategic objectives, tracing their goals and ensuring that the management obtains a fully and stable view of how well the company is doing.

Companies have a cooperate strategy which involves the blueprint of managing the business. Strengthening one’s market position comes as the business strategy. In addition, functional are strategies delivers on the implementation plan to achieve set goals; it provides the game plan. In pinning down a