Strategic and Tactical Management - Essay Example

Running Head: STRATEGIC AND TACTICAL MANAGEMENT Strategic and Tactical Management In APA Style By Question 1. Please discuss what would be the best practices in conducting a strategic management project. Strategic management has evolved to becoming one of the most important aspect of managing a business organization. The best practices in conducting a strategic management project include the recognition that the strategy of a business organization is supposed to constantly evolve in response to the changes in its environment.

Thus, the continuous analysis of the company's objectives, goals, and strategies together with the external environment should always be conducted. Another is the alignment of key resources most especially the workforce in order to attain organizational goals. Everyone in the company should strive for the attainment of organizational vision. Lastly, two important things are stressed by Thomson and Strickland (2001), formulation of a good strategy and executing it most efficiently. Truly, strategic management is nothing if leaders cannot come up with a good strategy.

Also, no matter how good a strategy is, if not executed efficiently then the company is still bound to fail. Question 2. Please discuss what would be the best practices in conducting a tactical management project Tactical management is the company's "ability to quickly and accurately assess the situation and respond appropriately" (Thomson and Strickland 2001). As with strategic management it measures the company's responsiveness to the internal and external factors where it operates. However, tactical management's role is to minimize risk and maximizing returns for the business organization in a day to day basis.

Thus, best practices will include a key understanding of the interrelatedness of economic variables which can determine the risks and opportunities that the company faces. Also, companies should always be responsive to changes by evaluating the alternative responses that it can implement. Being open to change and the need of technological advances in tactical management can also improve this process in a business organization. Question 3. Please select an organization of your choice (TOYOTA) and discuss possible applications of strategic management in it.

Toyota has communicated its goal of becoming the largest automaker in the world surpassing the giant General Motors. In its quest of market leadership, Toyota uses strategic management in order to set realistic and measurable objectives together with the specific strategies in order to achieve them. A part of these is the company's continuous move of improving its manufacturing process through the use of just-in-time inventory practices (Just in Time 2008). The company's key strategy is to minimize and even eliminate wastage through the elimination of non-value adding processes in its value chain.

The company's strategic management thus revolves in ensuring the quality of its products through the most efficient processes in order to secure market leadership.Question 4. Please select a department in an organization of your choice (TOYOTA) and discuss possible applications of tactical management in it. The Toyota Production System is a company's application of tactical management in Toyota. It should be noted that this system aims to minimize the inventory cost by producing cars only after they are ordered by the customers.

By doing so, Toyota is able to minimize the risk of stocking products which cannot be sold immediately. On the other hand, the company's aim of having tactical improvements in its production process can also be considered as its application of tactical management. Toyota wants to eliminate over-production, motion, waiting, conveyance, processing itself, inventory, and correction (Just in Time 2008). Anticipating the technological advancement which will drive the efficiency in auto production, the company also heavily invests in machines and equipments.

Thus, Toyota is able to adapt, adopt, and improve which are the key in tactical management. ReferencesJust-in-Time 2008, Just in Time, Toyota Production System, and Lean Manufacturing, Retrieved 26 August 2008, from http://www.strategosinc.com/just_in_time.htm Thompson, A. & Strickland , J 2002,Strategic Management.3rd ed. New York McGraw-Hill