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Strategic Management - Assignment Example

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Date: Strategic Management PART A The statement is quite true and encompasses most of the activities of corporate governance. Corporate governance is indeed an internal system of rules and regulations meant to fulfill the needs of the shareholders and the stakeholders…
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Download file to see previous pages The existing laws and regulations have to be followed by the organization and the board of directors implementing corporate governance does not have any say in such laws. Corporate governance is a complex process that takes into account all the activities within the organization and possibly even outside the organization. It directly impacts the perceived quality of the organization among the consumers as well as the community therefore the organization uses this as a benchmark for developing the culture and rules within the organization. PART B According to me, strategy is the purpose of the organization and it aims to make sure that the organization is able to develop an edge in the market despite the increasing competition. Strategy needs to align with the vision and mission of the organization and it would be a collective effort rather than a collection of initiatives undertaken by different managers. If managers are free to develop their own strategy, they may risk losing the vision and mission of the organization. If however, the initiatives taken by the managers are being taken after considering the aims and vision of the organization then the action may be defined as a strategy. Strategic Management is indeed the level of managerial activity that falls between goals and tactics. It is the goals of the organization that define the strategy of the organization and strategic management on the other hand influences the tactics that the organization adopts in order to fulfill the goals identified. PART C a) Corporate governance is greatly dictated by external regulation. This is because the organization has to answer to a number of stakeholders which includes the external and the internal stakeholders also. These stakeholders demand that the organization comply with the external regulations. For example, the employees within the organization would demand that the organization comply with the Equal Employment Opportunity Act. If the organization fails to comply with such acts it would likely be held accountable by the law. Thus, an organization needs to consider external regulations before forming or revising its own corporate governance. b) Gamble is quite correct in his view that strong boards lead to good corporate governance. This is because it is the responsibility of the board to develop corporate governance which would later impact all level of the organization including the culture of the organization. However, Gamble did not take into account the fact that hierarchy within the organization often limits the power of the board in ensuring that the rules and regulations developed in the corporate governance are being followed properly and in the spirit that they are meant to be followed (Hill and Jones, 390). PART D In my opinion, there are only three generic strategies which are cost leadership, differentiation and segmentation. Some may increase the categories to be five in number but I believe they are just repeating the same strategies, albeit minor changes. I do not think stuck in the middle is a strategy. I am saying this because a mix of strategy would be no strategy at all. By incorporating all aspects of the three generic strategies, the organization would lose its control over either one of the strategies. For example, consider the fact that L’Oreal introduces mascara that is believed to add extra length to the lashes as a ...Download file to see next pagesRead More
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