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149 Strategic Management Analysis Essay Examples

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Did you know that the word “strategy” is actually derived from the famous Greek word “stratigos”? Ironically though, this Greek word means “general,” the leader of an army. However, in the modern world, the reflection of the Greek meaning resonates well. After all, the strategy does mean having a general plan for accomplishing a long-term goal, whether or not it is certain.

In this article, we’ll explain how to write a strategic management essay, help to understand the role of strategic management, and provide some great case study examples.

• LensCrafters Company Strategic Management
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• Tico Mas Company Strategic Management
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• Zara Company Strategic Management

Strategic management is the process of defining and implementing a company’s strategies. It includes analyzing current situations, developing plans, discussing topics to reach different goals, and, most importantly, deciding how to execute that plan.

Most businesses strategize and benefit from a strategic management format because it helps them meet short and long-term goals with planning properly. Its importance is even higher when the company faces a significant change or challenging completion.

Why Is Strategic Management Important?

Strategic management is vital since it provides a structure for an organization to follow through to meet its goals and manage its priorities.

Strategic management ensures that the actions of everyone in the organization align with the company’s ultimate mission . It helps the leaders and department heads work more efficiently to make better decisions.

Having strategic management enables making tactical decisions without any delay. It streamlines the process and creates exceptional efficiency in the system.

What Are the Major Stages of Strategic Management?

Now that you understand the importance of strategic management, here are the main stages of the process:

• Setting the primary goal;
• Environmental analysis and scanning;
• Strategy formation;
• Strategy implementation;
• Strategy evaluation.

What Is the First Step in the Strategic Management Process?

The very first step in the strategic management process is setting the primary goal . Strategic management is about planning a thorough roadmap to aid you in achieving the goal. Therefore, it is crucial to set up a clear purpose before any drastic measures.

Most companies start strategic management by writing a statement like an assignment. A vision statement conveys what a company wants in the future and how it wishes to determine the route to get there.

Case study analysis is a highly valuable section of the strategic management course. A case study aims to provide students with enough experience to know about strategic management without facing what a real organization would face.

Cases are valuable since they give the student enough samples that they won’t need to fret over tackling a problem in the corporate world. Students can recognize strategies, and they learn about the best solutions as well.

Therefore, learning about case studies is important, and doing it the right way is just as essential, if not more. Here are the steps to

These short questions are bound to clear away any confusion you may have about strategic management.

What is your current situation?

Imagine that your organization is facing difficulties and you have to hire an outside firm. In that case, the first question the consultant will have is about your precise level of sales. They will question your position against your competitors , etc.

Therefore, you need to be aware of the organization’s current situation because otherwise, you will never be able to receive help. Knowing all the critical pieces of information is essential.

What do you wish to accomplish?

This is rather self-explanatory. The ultimate purpose of strategic management is to have an end goal for yourself and your organization. The more clarity you have, the better the business plan you will create. You need to be clear about your blueprint and end mission for successful strategic management.

Check more examples of essays about this type of analysis collected below on the web page.

• Southwest Airlines' Strategic Management Business essay sample: This case analysis focused on Southwest Airlines' competitive advantage and competition, SWOT analysis, Porter's Five Forces, and strategic recommendations.
• Etisalat's Strategic Management and Operations Business essay sample: Etisalat has integrated the concept of strategic management processes in its operation. The case study is based on the Value Chain Analysis, SWOT analysis, and BCG.
• Apple and Samsung Companies: Strategic Management Business essay sample: The research analyzes the business strategies of Apple Inc. and Samsung and gives recommendations, which would boost their profitability and competitiveness.
• Strategic Management of Nestle: Nescafe Marketing Strategy Business essay sample: Researching strategic management of Nestle or ☕️ Nescafe marketing strategy? Business strategy analysis is very important as it enables the company’s executives to make better 📈 decisions. The Nestlé Company is the business of interest in this case.
• United Parcel Service Company's Strategic Management Business essay sample: The current paper aims at discussing the peculiar features and working details of one of the well-known American package delivery companies, United Parcel Service (UPS).
• Etihad Airline Project: Strategic Management Business essay sample: Etihad Airways should focus on supplying its consumers with premium products that suit their needs and experiences. The premises should be furnished in a luxurious manner.
• Strategic Management of Information Systems Business essay sample: Common information systems focus on strategies, finance, and operations. Well-directed operational and financial systems may be viewed as strategic systems.
• Public Sector Organizations' Strategic Management Business essay sample: This paper concerns implementation of strategic management in public sector organizations where it provides positive outcomes and improves the performance.
• Public Organizations Embracing Strategic Management Business essay sample: The government of the UAE has managed to introduce considerable improvements not only into the private but also into the public sector during recent years.
• International Business' Strategic Management Business essay sample: A business organization intending to internationalize must critically evaluate the policies in view of its business goals.
• Philips Company's Strategic Marketing and Management Business essay sample: The strategy by Philips to market air fryer, which uses steam to cook food, is a major strength to the achievement of competitive advantage.
• Volvo and Tesla: Strategic Management Project Business essay sample: Surviving in a dynamic car manufacturing industry requires Volvo and Tesla to deploy their resources and capabilities in building a competitive advantage.
• Southwest Airlines Company Strategic Management Business essay sample: By the end of 2014, Southwest Airlines was one of the best companies in the airline industry. Its success founded on the provision of exceptional travel services at lower prices.
• Emirates Airlines' Successful Strategic Management Business essay sample: In this strategic management paper, the focus was to determine the strategic management techniques that Emirates Airlines has been using to achieve its current levels of success.
• IBM Strategic Management – Business Case Study Business essay sample: Researching IBM business strategy? 🖥️ IBM is an American technology company that has its headquarters in Armonk, New York. 📈 Read this paper to learn more about IBM business strategy and levels of growth. 📊
• Microsoft Strategic Management – a Corporate Research Business essay sample: Analyzing Microsoft strategic plan? 🖥️ This report examines Microsoft strategic management and provides recommendations for its successful development. 👉
• Leadership and Strategic Management Relationship Business essay sample: The paper explains the relationship between strategic management and leadership and applies management and leadership theory to support organisational direction.
• Virgin Group's Successful Strategic Management Business essay sample: Virgin Group is one of the most successful conglomerates in the world. Most people attribute Virgin’s growth to its founder, Sir Richard Branson.
• General Electric Company's Strategic Management Business essay sample: GE is a well-established brand that operates in different markets and focuses on industrial manufacturing, capital investments and healthcare.
• Etisalat: Strategic Management Business essay sample: For a significantly long period of time, Etisalat dominated the UAE market, being virtually the single company in the telecom sector, thus operating a monopoly.
• Wal-Mart Stores' Strategic Management Business essay sample: The article analyses the mission statements, objectives, and values of Wal-Mart, the supermarket store. It suggests the best strategic management practices.
• Strategic Management and Employee Performance Business essay sample: Strategic management is a widely studied concept that is considered to be helpful in improving firm performance.
• FedEx Company's Strategic Management Business essay sample: FedEx will need to redefine its marketing strategies both locally and internationally as competition is expected to stiffen.
• Business Organisations Strategic Management and Success Business essay sample: In this paper, the author will use case studies and tutorials to provide an in-depth understanding of strategic management. Six management concepts will be used.
• Strategic Management and Leadership Skills Development Business essay sample: The successful implementation of specific methods in the work process is quite a reliable way to achieve a high level of operational success and become an example for colleagues.
• Strategic Management and Its Processes Business essay sample: Strategic management gives general direction to the project and it has a close relation with the field of organization studies.
• UPS Business Strategy and Strategic Management Business essay sample: The vision of UPS is to synchronize the world of commerce by developing business solutions that create value and competitive advantages for customers.
• Kudler Fine Foods Supermarket's Strategic Management Business essay sample: From the case study of Kudler Fine Foods, it is evident that some functional areas require collaboration for the achievement of the organization’s overall goal.
• Single Business Organizations: Strategic Management Business essay sample: The management should understand the stakeholders’ expectations, identify the strategic options and evaluate and select the appropriate strategic options.
• British Airways – Strategic Management Business essay sample: British Airways is the national flag carrier of the United Kingdom. Supported by about 45,000 employees, it is also one of the leading airlines in Europe and a member of the One World Alliance.
• Nucor Corporation Strategic Management Business essay sample: Nucor's success can be attributed to several strategic options that the company adopted following the financial difficulties it faced in the 1960s.
• Strategic Management and Competitive Advantage in Business Business essay sample: Core competencies are considered a source of competitive advantage due to the dynamic nature of the contemporary business environment.
• Strategic Management and Planning Literature Critique Business essay sample: This paper seeks to discuss strategic planning based on the statement of Richard Whittington in the literature on the theme of strategic planning.
• The QVC Company: Strategic Management Business essay sample: This paper will involve establishing the challenges that the company face and the measures it came up with in order to confront these challenges.
• Wits Beach Hotel’s Strategic Management Business essay sample: The purpose of this paper is to highlight the strategies and tactics that Wits Beach Hotel will adopt to achieve its strategic objectives, measures, and targets.
• Built Environment Sector's Strategic Management Business essay sample: The built environment sector represents a unique market segment within the construction industry. It requires unique strategic goals and strategic thinking tools.
• Organization’s Culture and Strategic Management Business essay sample: Current research seeks to evaluate the importance of organizational culture and leadership in modern strategic management.
• Unilever Company. International Strategic Management. Business essay sample: Unilever Corporation, the world’s second largest producer of consumer products. Unilever has world wide operations, sells food, household articles and personal care products.
• Dell Computers: Strategic Management Business essay sample: Dell has enjoyed great success in delivering quality products and solutions to its clients while its current sales levels are high and business growth is imminent.
• McDonald's Strategic Management of Human Resources & Innovation Business essay sample: This report aims center on the idea of human resource management strategies and human resource behavior of McDonalds eating place ltd.
• Revlon Company Strategic Management Business essay sample: This study identifies whether the Russian market is a viable multinational expansion point for Revlon by taking an in-depth look into the Russian market.
• DHL – Dubai Company: Strategic Management Business essay sample: The current project will assess a variety of strategic aspects pertaining to DHL’s operation, and provide several recommendations based on this assessment.
• Udayan Care Company's Strategic Management Business essay sample: The paper examines the existing issues in Udayan Care, a social enterprise that struggles with recruiting motivated employees, covering administration issues with donations.
• McDonald’s Company’s Strategic Management Business essay sample: The report is a marketing report aimed at finding and analyzing the strategies adopted by McDonald's to capture the market share and sustain it.
• Kentucky Fried Chicken (KFC): Strategic Management Business essay sample: Kentucky Fried Chicken (KFC), is a world renown fast food brand. The company is based in the United States but has expanded its operations in numerous countries world wide.
• Strategic Management and Competitive Advantages Business essay sample: Sustainable competitive advantage provides leverage over competitors through the use of company’s attributes, assets, or skills that are difficult to copy, much less exceed.
• J.C. Penny Inc. Strategic Management Business essay sample: J.C. Penny Inc. has laid down several strategies to ensure that it fits in the ever-growing industry. The management has resorted in maintaining a "high-low" pricing policy.
• Amazon.com Inc.'s Strategic Management Elements Business essay sample: Amazon started as an online bookstore. However, it has grown to become a provider of technology products and services.
• Dollar General Corporation's Strategic Management Business essay sample: Dollar General would have to make strategies that must take advantage of industry opportunities and protect the company from industry threats.
• Resource-Based Theories in Strategic Management Business essay sample: Conner's "A historical comparison of resource-based theory and five schools of thought within industrial organization economics" is an empirical study on resource-based theories.
• Wal-Mart: Strategic Management Business essay sample: The paper will analyze and evaluate Wal-Mart stores in America, internal and external factors that influence the corporation.
• Strategic Management and Planning Process Business essay sample: Strategic Management is a set of managerial skills that should be used within the organization. It consists of goal setting, analysis, strategy formation, etc.
• Starbucks Case Study: Strategic Management Business essay sample: Researching Starbucks strategic management? This paper sample can answer your questions ✅. The Giant coffee retailer, roaster and specialty of coffee ☕️, has not been spared of the slackening of businesses as witnessed by the company’s financial report
• TiVo Case Study: Strategic Management Business essay sample: The major issues addressed in this case study would be competitive advantages, marketing, globalization, pricing economies of large scale business, patent protection, innovativeness.
• Google: Strategic Management Case Business essay sample: Google offered advertising solutions, international internet search solutions, through its portal that means the computing domicile site for a web browser on the internet.
• Strategic Management: Right Strategy for the Right Results Business essay sample: Completed a report that provided the necessary information that explains the reason why it would be profitable for all the investors to put up a huge investment for the creation of the said mall.
• Strategic Management in Ryanair Business essay sample: The paper examines the strategic management structure and two Mintzberg models implemented in Ryanair Airlines Company.
• Strategic Management and Strategic Formulation by Primack Company Business essay sample: Primack Company is one of the companies with outstanding strategic management policies which were started with the aim of acting as the legal consulting company.
• Strategic Management by Example IKEA Business essay sample: In order to succeed on the global scale, giant retailer like IKEA needs effective marketing strategies and philosophies, unique corporate vision and outstanding product management.
• Essentials of Strategic Management. Nucor Corporation Business essay sample: In order for Nucor Corporation to attain its low cost leadership strategy, the firm’s management team should improve on its strategic management process.
• Strategic Management Analysis of Walmart Business essay sample: This paper seeks to look into Wal-Mart's planned expansion, the challenges it is likely to face, and the opportunities presented by the Asian and European markets.
• JM Smuckers Company: An Analysis of Strategic Management Processes Business essay sample: This paper is a report on JM Smuckers strategic management framework. A background study is conducted to illustrate the importance of a firm adopting strategic framework.
• IKEA: Essentials of Strategic Management Business essay sample: One of the issues with which IKEA is dealing is diversity, as the company expands and develops itself, the management of the company is trying to keep its core values alive.
• Jamba Juice Company: Strategic Management Business essay sample: Jamba Juice Company assessed its competitors and identified the criteria it could use in order to be the leading food organization.
• Eau Doux Company's Professional Strategic Management Business essay sample: The paper discusses the issues of strategic management through the Henri Fayol Classical School of Management, performance management, and provides research of Eau Doux Company.
• The Apple Company: Company Strategic Management Analysis Business essay sample: Despite its strong brand in the U.S. market, the Company has not penetrated the international market as compared to its competitors.
• Strategic Management Theories and a New Taxonomy Business essay sample: The redeeming and all-pervading aspect of strategic management is in terms of the fact that it is dynamic, ever-evolving to suit changing business times.
• Strategic Management: General Motors and Toyota Business essay sample: Analysis of the strategic management and planning process in the motor industry, with the case of two companies, General Motors and Toyota being investigated.
• Strategic Management: A Hotel in United Arab Emirates Business essay sample: The premises and the services of the hotel along with its extra attractions like Water Park and golf course etc are the main strength of the hotel.
• Sony and Ericsson Merger`s Benefit to Strategic Management Business essay sample: This paper presents a critical analysis of Sony Ericson Joint Venture that kicked off in 2001. The merger between Sony and Ericson gave them benefit from their market segment.
• Strategic Management. Casino Industry Business essay sample: This paper seeks to analyze the possibility of improving the hospitality side of gaming sphere from the perspective of several aspects, such as political / legal, economic and others.
• FedEx Corporation: Structural Transformation Through E-business Business essay sample: FedEx has focused on customer-based approaches to transform itself from an express delivery company to a supply chain Solutions Company, with heavy reliance on e-business.
• Strategic Management and the Competitive Strategies Business essay sample: The paper evaluates strategic management and the competitive strategies put forward by Porter, who outlined three plans that a company can use to reach a competitive advantage.
• AI Ain Dairy Company: Strategic Management Business essay sample: The company should start worker’s remuneration, where their salaries can be slightly increased and also rewarding the most hardworking one’s.
• McDonald’s Strategic Management and Analysis Business essay sample: This study seeks to carry out an analysis of McDonald’s strategies, explore how the company provides value to its customers and how it builds a competitive advantage.
• ReAgent Company's Strategic Management Business essay sample: This paper provides an analysis of ReAgent, a chemical manufacturer, outlining the major areas that should be considered in terms of its strategic management and marketing.
• Strategic Management in B2B Organizations Business essay sample: Strategic Management in B2B landscapes is only as good as the people who utilize it and the environments that support and sustain these systems.
• Strategy in Action and Contemporary Issues in Strategic Management Business essay sample: Companies make offers to their customers with different product specifications. At the same time, having cost implications for themselves and the prices they can command.
• Ryanair Holdings PLC Strategic Management Business essay sample: Ryanair Holdings company is an Irish Airline established in 1985 by three Ryan brothers. Their father, Tony Ryan, became the first chairman.
• Wembley Stadium Project: Strategic Management Operations Business essay sample: The paper discusses the Wembley Stadium project. The poor performance of the project management department receives the highest blame concerning the failure of the project.
• Corporate Restructuring and Strategic Management Business essay sample: This paper is based on the thesis that the strategic management concept is a vital breakthrough that has revolutionized management.
• Apple Inc.: Strategic Management Case Business essay sample: Strategic management involves a continuous process that includes setting targets, implementing them, evaluating them and making changes where necessary.
• Qantas: Strategic Management Business essay sample: In terms of product, Qantas lacks a distinguishable or unique product as their services are a reflection of similar services offered by competitors.
• Air Asia Company's Strategic Management and Analysis Business essay sample: Political factors state the aviation regulations and acts that are needed by aviation companies such as Air Asia in order to do business.
• International Strategic Management Overview Business essay sample: The purpose of this paper is to provide an extensive overview of the essential topics of international strategic management.
• Strategic Career Management in the UAE Business essay sample: This research will focus on studying the processes of strategic career management in the UAE because of the lack of studies that explored the topic.
• Change Management and Strategic Management Relations Business essay sample: The processes of change management and strategic management are interrelated and mutually responsive organizational tools that enable the realization of organizational targets.
• Strategic Management: Mission, Vision, and Stakeholders Business essay sample: The modern business environment is really severe. The question that should be answered in this paper is whether Toyota is a visionary company.
• Strategic Management: Theory and Practice Business essay sample: In theory and practice, strategic management is a process, which provides organizational managers with the ability to formulate, implement, and evaluate strategic processes.
• Aspects of Strategic management Business essay sample: Strategic management has been one of the most effective tools of strengthening the performance of organizations, decision making and implementation of processes.
• Strategic Planning and Strategic Management Business essay sample: Strategic planning and strategic management are very important tools that can be utilized by organizations to provide strategic directions and approaches to achieve their goals.
• The Importance of Strategic Human Resource Management for Organisations Business essay sample: In current conditions, personnel are becoming increasingly important for an organization because the effective functioning of any company depends on the people who work there.
• Organizational Challenges and Business Strategic Management Business essay sample: The purpose of this paper is to apply an effective soft systems approach to deal with malpractices that result in pollution and environmental degradation within the organisation.
• Strategic Management Research Project for Caterpillar Inc. Business essay sample: Caterpillar Inc. is a large US-based company designing, manufacturing, marketing, and selling heavy equipment mainly for the construction and mining industries.
• Strategic Management and Strategic Competitiveness: Apple Inc. Business essay sample: Apple Inc. invents new designs of electronics into the market while upgrading the existing products and services to meet the demands of customers.
• Nike: Strategic Operations Management Business essay sample: Through well-organised planning and control of business operations, Nike achieves ease of monitoring demand through the supply chain, thereby enhancing efficacy in marketing.
• Tesla Inc.: Strategic Management Business essay sample: The report examines internal environment from which Tesla’s issues stem and identifies the strategic measures that were undertaken to begin addressing the company’s challenges.
• Strategic Management for the Ministry of Culture, Saudi Arabia Business essay sample: Strategic management of the Saudi Ministry of Culture is impossible without understanding the current situation what issues it seeks to resolve through the analyzed organization.
• Aviation Strategic Management Business essay sample: This work describes the concept of strategic opportunity and threat, present situations when one factor can pass into another and vice versa and offer ways to address them at world airports.
• SARHS: Strategic International Business Management Business essay sample: The organization named SARHS is expected to deploy organizational change within the next two years. The problem is that it has already undergone several restructuring activities.
• United Parcel Service Strategic Management Business essay sample: This paper provides a strategic analysis of the United Parcel Service, including a discussion of its mission and objectives, as well as the conduction of internal and external audits.
• Strategic International Business Management Business essay sample: The company’s goal is to promote environmental management by recycling and waste reduction as well as promoting fuel-efficient initiatives.
• Coca-Cola Company's Strategic Marketing Management Business essay sample: At Coca-Cola, marketing management is a continuous process whereby those involved are constantly identifying new opportunities and practices for delivering additional benefits.
• Strategic Management: Spotify Business essay sample: Under certain circumstances, the Spotify company needs to develop an appropriate strategy to improve its financial position.
• Eastman Kodak Company's Strategic Management Problem Business essay sample: Eastman Kodak failed to embrace change at a time when customers’ expectations were changing, allowing its rivals to expand their market share rapidly at their own expense.
• Valtech Company: Role of HRM in Strategic Management Business essay sample: HR management is one of the factors that increase the organization's leadership. The purpose of this paper is to discuss the main issues related to the HR management of an IT company Valtech.
• Balanced Scorecard: Strategic Planning and Management System Business essay sample: A balanced scorecard plays the role of giving feedback to the internal business procedures and external results towards the improvement of strategic performance and results.
• Future of Management Accounting in Strategic Management Accounting Business essay sample: Strategic Management Accounting is more long-term oriented than traditional management accounting. Management accounting only provides internal operational information.
• PepsiCo's Strategic Financial Management Business essay sample: The essay briefly outlines PepsiCo's structure and investigates internal factors that might impede the development of a successful financial strategic plan.
• Strategic Human Resource Management Proposal Essay Business essay sample: The paper is focused on policies for new standards of practice, and a program of strategic initiatives to enhance human resource management throughout the business.
• Greater Manchester Fire and Rescue Authority: Strategic Financial Management Business essay sample: The essay concludes that the three key success criteria for GMF and RA when evaluating financial strategies would include sustainability, feasibility and acceptability.
• Arthur Andersen Firm's Strategic Management Accounting
• Strategic Management Etihad Airways
• Volkswagen: Strategic Management and Human Resource Practices
• Honda Motors Success in Strategic Management of Technological Innovation
• Strategic Management Case Study Analysis TiVo
• Strategic Management: Parcel Force Case Study
• Strategic Management Analysis Nike
• The Eco-Café Company: Strategic Human Resource Management
• Strategic Management and Planning in Non-Profits
• Strategic Management in Psion
• Nike COVID-19 Response: Strategic Management in Action
• Supply Considerations and Strategic Management
• Tesco Company's Strategic Management Tools
• The Walt Disney Company: Strategic Management Case Analysis
• Strategic Management and Planning in the Workplace
• MESA Business Strategy Overview
• Mercedes Benz Corporation's Policy and Strategic Management
• Strategic Management Project: The Corona Beer Brand
• Strategic Management Elements: Exploration and Explanation
• Garmin Case Study: Strategic Management
• Uber: Strategic Management and Strategic Competitiveness Assignment
• Caterpillar Inc.'s Strategic Management and Sales Increase
• Integrated Commercial Inc.'s Strategic Management
• Strategic Management: A Case Study of Netflix
• Online Retail Business Model and Strategic Management
• Yum! Brands Inc.'s Strategic Management
• Researching of Strategic Management
• McDonald’s Corporation’s International Analysis

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Strategic Management Questions, Essay Example

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Why are there “three” categories of strategies (i.e. generic, grand, and competitive)? Provide two different reasons justifying the significance for listing three strategies.

The basic reason to provide these three strategies is basically to build such management strategies in order to achieve the ultimate goal of the organizations. These three strategies play a vital role in achieving the goal. Any organization can easily build own management strategies. All three has different techniques but their ultimate goal is same (Hitt, et, al., 2012). These strategies are building comprehensively for creating long term plans, competitive advantage, production, marketing and development of the organization by using appropriate actions for achieving the goal. The success of any organization based on correct and accurate policies and strategies. Policies should be designed in such a way that every employee can feel proud of being a part of such organization. Strong and accurate strategies helps the organization in climibing the ladder of success.

Give a totally original example of how Management by Objectives (MBO) might work. How does your example fit the criteria for MBO?

Answer: MBO is used to achieve the organizations objectives that are set in order to achieve best results in available resources for their business. This process also uses to monitor performance of the employees (Freeman, 2010).

Makro cash and carry is the biggest trading company working in Poland. They implemented MBO in the year 2005-2006. Manager says that their idea is to provide best services to customers that’s why they started using MBO, this increased he performance of their employees because different appraisals for motivations were done in order to follow company’s strategy and achieve their ultimate challenge (Hitt, et,al., 2012).

Shell is one of most renowned name in petrouleum industry and it holds a large scale of employees all over the world. In Dubai, Shell is also using MBO in order to increase their employee’s performances, they also provide appraisals for them, they engage their employees by conducting different activities like elections among them which is an opportunity for employees at local circumstances (Hitt, et,al., 2012).  Appraisals instigate employees to work hard with honesty.

Let’s say you, as the boss, set a workplace standard. After comparing employee performance against that standard, you determine that there is some employee performance variation to the standard you set. What is your next step? Give an original example.

Answer: Performance is the major factor which plays a vital role in the success or failure of the organization. In Tesco, the performance of the employees is very important for the organization because they do not compromise over their customer’s satisfaction. So for this purpose Tesco gives great importance to their employees because they think if the employees are good enough this will also add value for their customers to shop at Tesco (Hitt, et,al., 2012).  Performance and punctuality are two major factors on which employees performance gets calculated, so all should consider this as a strong fact.

They have their own way of measuring the performance of the employees. They has started a different way of monitor the employees performance they have divided their employees in groups and further sub groups, this helps the organization to measure each employees performance and this also differentiate between the employees that are working properly and who are not doing their job appropriately. They also do 360 degree feedback service. This tool is use to measure the current performance of the employees under the changing circumstances (Freeman, 2010).

What are the pros and cons to using best practices as a method for setting standards? Give an original example for each pro and each con.

Answer: Organizations practice different methods in order to set the standards of the company, but there are some pros and cons of setting such standards. At Pepsi Co. they are practicing such methods but they are facing problems with internal environment like employees communication issues, but are satisfied with employee’s performances (Wheelen & Hunger, 2011).

Freeman, R. E. (2010). Strategic management : A stakeholder approach . Cambridge University Press.

Hitt, M., Ireland, R. D., & Hoskisson, R. (2012). Strategic management cases : competitiveness and globalization . Cengage Learning.

Wheelen, T. L., & Hunger, J. D. (2011). Concepts in strategic management and business policy. Pearson Education India.

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Strategic Management Process - Free Essay Examples and Topic Ideas

Strategic management is the process of determining and executing on an organization’s long-term goals and objectives. It involves the identification of the organization’s mission, vision, and values, as well as the development of a comprehensive strategy to achieve these goals. The process involves analyzing the organization’s internal and external environments, identifying strengths and weaknesses, and assessing opportunities and threats. The strategic planning process then involves the development of specific action plans, budgets, and performance targets. Finally, strategic management involves ongoing monitoring and evaluation of progress toward achieving the goals and objectives of the organization.

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Short Essay on Strategic Management

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Julius Tapera

This paper presents strategic management as an important business management concept. It defines strategy and explains the key concepts in strategic management; strategic vision, objectives, strategy formulation, strategy implementation, evaluation and initiating corrective action. The research also focuses on the corporate governance aspect of strategic management; role of the board of directors in crafting and executing strategy. The different levels of pitching strategy are also discussed in this paper; corporate, business, functional and operational. All these concepts are examined with a view to highlight their importance in the effective and efficient management of business organizations. In an operating environment that is dynamic and highly competitive, business organizations need to appreciate the importance of crafting and effectively executing strategies that can help them create sustainable competitive advantage.

International Journal of Academics & Research, IJARKE Journals

Strategic management is one of the primary areas. This study shows the results of matching the extent of strategy management in a major business policy game and the performance (results) of this effort. The general the objective of this paper is to exanimate effect of strategic management practices on firm performance in telecommunication companies in Mogadishu, Somalia. The target population of this study was top managers, middle managers and normal employee of some telecommunication companies in Mogadishu. There are more than five telecommunication companies Mogadishu but our study will focus on three Telecommunication Companies in Mogadishu. The target population of this study will be 62. Therefore Since the study population (N) is 110. Error of tolerance will be 0.05. Thus the sample size is 54 respondents. The study collected primary data which was analyzed using descriptive statistics including frequencies tables, percentages, mean scores, standard deviation. Data collected from questionnaires will code and keyed into a computer. Quantitative data will analyze using the Statistical Package for Social Sciences (SPSS). Descriptive statistics including the means and standard deviations were used to analyze quantitative data and capture the characteristics of the variables under study. A regression model will be applied to determine the relationship between Strategy Formulation, Strategy implementation and Strategy control and evaluation as the independent variables and firm performance of telecommunication companies in Mogadishu as the dependent variable. Pearson's product moment correlation analysis is also used and it's a powerful technique for determine the relationship among variables. Correlation coefficient will be used to analyze the strength of the relations between variable.

The strategic planning process is used by management to establish objectives, set goals, and schedule activities for achieving those goals and includes a method for measuring progress Therefore, the general the objective of this paper is to exanimate effect of strategic management practices on firm performance in telecommunication companies in Mogadishu, Somalia. The study explored the effects of Strategy formulation, strategy implementation and strategy control and evaluation on firm performance of telecommunication in Mogadishu The target population of this study was top managers, middle managers and normal employee of some telecommunication companies in Mogadishu. There are more than five telecommunication companies Mogadishu but our study will focus on three Telecommunication Companies in Mogadishu. The target population of this study was 62. Therefore, since the study population (N) is 110. Error of tolerance used was 0.05. Thus, the sample size is 54 respondents. The study collected primary data which was analyzed using descriptive statistics including frequencies tables, percentages, mean scores, standard deviation. Data collected from questionnaires will code and keyed into a computer. Quantitative data will analyze using the Statistical Package for Social Sciences (SPSS). Descriptive statistics including the means and standard deviations were used to analyze quantitative data and capture the characteristics of the variables under study. Regression model was applied to determine the relationship between Strategy Formulation, Strategy implementation and Strategy control and evaluation as the independent variables and firm performance of telecommunication companies in Mogadishu as the dependent variable. Pearson's product moment correlation analysis is also used and it's a powerful technique for determine the relationship among variables. Correlation coefficient will be used to analyze the strength of the relations between variable.

Lysias T Charumbira

ABSTRACT The purpose of this study was to identify the determinants of strategic success or failure in Zimbabwean Profit and Non-Profit Organizations. The convergent parallel mixed methods research design was adopted as the guiding model for the data collection, analysis and interpretation process in this study. This explains why data was collected through a concurrent parallel methodological triangulation of questionnaires, semi-structured interviews, and document analysis. Quantitative data was analyzed using the Statistical Package for Social Sciences (SPSS) version 21.0 while the analysis of qualitative data was performed using the NVivo 10 data analysis software. The study established that there is a high rate of strategy implementation failure in Zimbabwean Profit and Non-profit Organizations. The failure to build the distinctive competences and resource capabilities needed for successful strategy implementation was identified as the main cause of strategic failure in these Organizations. Keywords: Strategic Management, Environmental Scanning, Strategy Formulation, Strategy Implementation, Evaluation and Control, Strategic Success, Strategic Failure.

Asian Business Review

The purpose of this study was to identify the determinants of strategic success or failure in Zimbabwean Profit and Non-Profit Organizations. The convergent parallel mixed methods research design was adopted as the guiding model for the data collection, analysis and interpretation process in this study. This explains why data was collected through a concurrent parallel methodological triangulation of questionnaires, semi-structured interviews, and document analysis. Quantitative data was analyzed using the Statistical Package for Social Sciences (SPSS) version 21.0 while the analysis of qualitative data was performed using the NVivo 10 data analysis software. The study established that there is a high rate of strategy implementation failure in Zimbabwean Profit and Non-profit Organizations. The failure to build the distinctive competences and resource capabilities needed for successful strategy implementation was identified as the main cause of strategic failure in these Organizations.

nelson jagero

International Journal of Advanced Research (IJAR)

IJAR Indexing

SMEs in Bangladesh contributes a significant part in country?s total GDP and largest sector in employment, overall economic development and infrastructural development, so the performance of these SMEs is very crucial for the country. Therefore, this study aimed to identify the relationship between strategic management practices and the performance of SMEs operating in Bangladesh. Three variables (strategy formulation, strategy implementation, and strategy evaluation) were developed from the existing literature. Hypotheses were tested by using statistical software (SPSS). Correlation and regression analysis revealed a significant positive correlation between variables. Result indicated all three variables (strategy formulation, strategy implementation, strategy evaluation) and overall strategic management practices are statistically significant with the performance of SMEs in Bangladesh. Policy recommendation, practical application were discussed and future implication of the research direction were recommended.

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Essay on Strategic Management: Top 7 Essays

Here is a compilation of essays on ‘Strategic Management’ for class 9, 10, 11 and 12. Find paragraphs, long and short essays on ‘Strategic Management’ especially written for school and college students.

Essay on Strategic Management

Essay Contents:

• Essay on CEO’s Functions in Strategic Management

Essay # 1. Definition of Strategic Management:

The term ‘strategic management’ has been defined differently by different scholars of management.

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Some of them are:

1. Strategic management is “ a set of decisions and actions resulting in formulation and implementation of strategies designed to achieve the objectives of an organisation” (Pearce and Richard Robinson).

2. Strategic management is “the manner by which organisations plan to deal with various aspects of management like problem perception, divergent thinking, substantial resources, decision making, innovations and risk-taking” (Cunningham).

3. Strategic management is “the means by which management establishes purpose and pursues the purpose through co-alignment of organisational resources with environment, opportunities, and constraints.” (Bourgeois).

4. Strategic management can be defined as “the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organisation to achieve its objectives” (Glueck).

(a) Strategic management is an on-going process of analysis, planning and action. It attempts to keep an organisation aligned with its environment while capitalising on organisational strengths and environmental opportunities and minimising or avoiding organisational weaknesses and external threats, and

(b) Strategic management is also a future-oriented provocative management system. The managers, who use strategic management skills, are seeking a competitive advantage for their organisations and long-term organisational effectiveness.

It is, therefore, a complex function covering all activities connected with formulating, implementing, recycling and reformulating strategies.

In short, an effective strategic management translates a sound strategy into action. As otherwise, even a sound strategy would be rendered ineffective if it cannot be converted into action.

Hence, it is the duty of the strategic managers to do environmental scanning, assess internal strengths and weaknesses, set goals, mobilise resources, design action plans, implement actions, monitor progress, and control resources and deviations from goals for the achievement of goals and key results areas.

Essay # 2. Process of Strategic Management:

The strategic management process is most often described as a rational and analytical one.

The process consists of the following activities in different phases:

(i) Environmental Scanning:

Threats and opportunities analysis.

This involves analysing each threat and opportunity according to its time frame (i.e., short term or long term). Significance and likelihood of occurrence can help focus on the’ most important threats and opportunities.

In identifying them in the organisation’s environment, three questions need to be kept in mind:

(i) Which threats are critical and  how can they be avoided in order to derive opportunities?

(ii) Which opportunities are critical and must be exploited?

(iii) Which threats and opportunities are short-terms and which are long-term?

(ii) Organisational Analysis:

Mission, Strengths and Weaknesses analysis.

An organisational analysis begins with an analysis of how the organisation is performing and why. A broad statement about purpose, philosophy, and goals would guide executive actions, by the processes of evaluation.

(iii) Strategic Goals Setting:

Understandable, measurable, achievable and challenging long-term goals.

It is necessary to set annual objectives in line with long-term objectives as well as specifying functional strategies consistent with the company’s grand strategy Such goals should be measured in terms of quality, cost, and time-frame.

A chart below classifies and explains the ‘Goals’:

Given the mission and objectives and having done the SWOT analysis, the strategic manager should proceed to generate possible ‘strategy alternatives’. There may be different ‘strategic options’ for accomplishing a particular goal. It is necessary to consider all possible alternatives to make the base for a choice.

The purpose of considering different ‘strategic options’ is to adopt the most appropriate strategy as ‘goal’. This necessitates the evaluation of the ‘strategy alternatives’ with reference to the criteria like suitability, feasibility and acceptability.

(iv) Strategic Actions Formulations:

An action plan to achieve the goals.

Strategic actions flow from the goals of the organisation. A strategy sets forth a general programme of action and an implied development of employees and resources to obtain goals.

This strategic action can be taken from three approaches:

(a) Func­tional approach,

(b) Product approach, and

(c) Business Units grouping approach.

Here, ‘business units grouping’ approach works well in diversified enterprises. All these approaches involve choosing target markets, and product and product development plans, capital expenditure plans, and marketing plans. For all major actions, the aspects of timing and sequencing should be considered.

(v) Strategy Implementation:

Spelling out effective policies or operating procedures to initiate actions for implementing strategy.

This involves translating the strategies into organisational actions. This requires ‘strategic leadership’ i.e., identifying policies, rules, and key results areas; allocating responsibilities; and making operational plans and day-to-day decisions.

Strategy implementation is, thus, the action phase of the strategic management process. This step, therefore, encompasses the operational details to translate the strategy into effective practice.

A simple chart below sums up the implementation phase:

(vi) Strategy Evaluation and Control:

Monitoring progress of strategic actions and controlling the resources.

This includes both monitoring progress and control resources—human/physical/ financial—by analysing the deviations from standards and goals and providing the feedback for modifications.

It is important to note that traditional control parameters are not adequate here as they delay the results and thereby become a useless exercise to face the environmental risks and uncertainties. In contrast to ‘past-action control’, strategic control is forward looking and attempts to steer the company on a long-term basis.

Essay # 3. Stages of Strategic Planning Process:

Stage 1. Defining the mission.

Stage 2. Assessing organisational Resources.

Stage 3. Evaluating Environmental risks and opportunities.

Stage 4. Establishing long-term Objectives.

Stage 5. Formulating strategy.

Stage 6. Establishing Annual Objectives.

Stage 7. Establishing Operational Plans.

Stage 8. Implementing the Plans.

Stage 9. Imple­menting, Monitoring and Adapting.

These stages seldom occur in a fixed sequence, and some may take place simulta­neously, but given the flexibility needed for a bit of cycling— revising, seeking authorisations and coordinating—some rationale exists for considering the stages in the order presented (Williams, Du Brin & Sisk, 1985).

Strategies are designed by top management of an enterprise. They come to be as a result of the strategic planning process.

Essay # 4. Characteristics of Strategic Management Process:

The basic characteristics of the strategic planning process may be as follows:

1. It is the place where decisions of highest importance to a company are made. Here is where the basic thrust and direction of the company is determined and the major approaches are decided.

2. The time spectrum covered ranges from the very short range to infinity. Although the general thrust is long-range, a decision can be made in this process to stop producing Product X tomorrow or start to build tomorrow a new plant to produce the Product Y.

3. The process may produce a written document on a periodic basis, say annually—yet the process is a continuous activity. Top management cannot, of course, develop a strategic plan once a year and forget strategy in the meantime.

4. Compared with medium-range and short-range planning, the results of strategic planning process are not usually neatly incorporated into a prescribed form.

5. Strategic planning covers any element of the business that is important at the time of analysis and embodies details that are of sufficient scope and depth to provide the necessary basis for implementation.

6. The format of strategic plans is much more flexible and variable in content, from time to time, than for other types of plans.

7. Strategic planning process has many starting points, each different from the other.

8. Strategic planning is especially appropriate in volatile industries, such as the computer or telecommunication or anti-pollution industries where technological change is rapid and international competition is fierce.

9. Strategic planning is uniquely suited for providing ‘a broad managerial perspective which rescues management from the tunnel vision of unanalysed assumptions and fuzzy objectives’.

10. Strategic planning, even if the methods as well as the human resources and other situational variables differ greatly from one firm to another, is an increasingly necessary aspect of effective management.

Essay # 5 . Factors and Elements of Strategic Planning Process:

From the above, we see that the general contents of strategic planning process are:

(i) Objective of enterprise,

(ii) Basic mission,.

(iii) Basic strategies, and

(iv) Operational plans.

The factors and main elements of strategic planning process can be best identified and shown in a model below:

As we can see, strategic planning involves the development of objectives (step 1 in the planning process). Next the top management searches for the environment.

Next top management weighs the advantages of the several strategies considered and chooses one. It outlines the general organisational and policy changes necessitated by its strategic choice. It then delegates detailed planning and implementation activities to its middle management. Top management also sets budget levels and indicates general usage of funds; detailed budgeting is done by middle management.

Strategic planning is exciting. It involves decisions like: Xerox Corporation’s decision to enter (and leave) the computer field, Reliance Industries’ decision to get out of textiles and become a conglomerate, or Cadbury chocolate’s decision to become Cadbury Foods (all hypothetical).

Essay # 6 . CEO’s Role in Strategic Management:

The increasing time demands of strategic management have nowadays forced top managements among the larger companies to delegate more and more of the operating authority for running the business to lower-level managers.

Some companies today have Chief Executive Officers (CEOs) who are concerned essentially with outside environmental forces, and Chief Operating Officers (COOs) who are concerned primarily with running the day-to-day affairs of the business. In these cases as well as in others where there is no COO or its equivalent, more authority is usually being delegated to middle managers.

This does not mean that top managements remain unconcerned about the day-to-day operational matters. Only thing is that, in the changing environment from that of the past, the top managements are forced to spend much less time on routine operating matters and to devote much more time on strategic issues.

The most important case in point is that managerial strategies in large-sized organisations are considerably different from the operational strategies needed. After all, corporate level strategy in the changing environment is essential for success and growth, and for competitive advantage. Herein, comes the role of the chief strategist, the CEO.

The chief strategist is faced with three basic questions:

(1) What business are we in?

(2) How are we to match the best product-market opportunities?

(3) How are we to make best use of the company resources?

The first two questions are concerned with corporate-level strategies, while the third question relates to operational-level strategy. The CEO must conceptualise the whole strata of strategy as he is at the top. CEO is responsible for relating his organisation to a changing environment.

He alone is responsible for assuring the proper balance among various competing subsystems in the organisation. He alone is responsible for determining the total thrust of his organisation and for assuring that performance matches with his design. So, the role of the CEO is unique and so is his way of thinking.

Again, the CEO is expected to concentrate on the total enterprise rather than parts of it, and in the process ‘entirely new phenomena take place’.

CEO has to think in these terms. The thought processes, the attitudes, the perspective, the methods of analysis and the skills in the total strategic management process are unique and of demanding nature and call for higher level dynamism and initiative. CEO, as the chief strategist, has to have widest vision in these respects.

Essay # 7 . CEO’s Functions in Strategic Management:

Mintzberg’s classification of ‘Ten Managerial Work Roles’ vis-a-vis the functions/roles that concern the chief strategist is given below for better comprehension:

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Answers for Questions Based on Strategic Management

Question 1 .

Strategic management research has evolved significantly over time, becoming crucial in management scholarship. Despite the numerous accomplishments in this field of inquiry, several lacunae require addressing to enhance our comprehension of strategic management. Several crucial domains that necessitate attention to identify knowledge deficiencies include Capabilities for change: The capacity of a company to respond to changes in the business environment is referred to as its dynamic capabilities. Although dynamic capabilities have received much attention in the literature, exploring their antecedents, mechanisms, and outcomes is still necessary, particularly in emerging economies.

Corporate entrepreneurship refers to the establishment of new enterprises or the development of new goods or services inside an existing firm. Despite much research on the issue, corporate culture remains unclear in order to understand how corporate entrepreneurship may be successfully managed, how it links to business performance, and how it changes across various settings. In the field of strategic management, the notion of innovation is very important. Despite current information, there is still much need for future investigation into successful methods of inventing inside organizations and the influence of innovation on company performance. Strategic leadership refers to the actions made by leaders in developing and implementing strategies. Despite the fact that there is a substantial quantity of academic literature on strategic leadership, there is still a knowledge gap about the most successful techniques for leaders to lead strategic change (Vlachopoulos, D., & Makri, A.2019).

Question 2 

The notion that academic writing is marked by hesitancy and caution means that academic writers should avoid making absolute assertions and instead explain their arguments and evidence with care and precision. It was about Lingard, L., and Watling, C.’s (2021) study. The method recognizes the limits of the study while also allowing for the potential of additional information or alternate interpretations. While presenting study results as a PhD researcher, it is best to avoid making broad or conclusive conclusions. It is preferable to use language that appropriately expresses the degree of confidence associated with the results. Instead of declaring claims that lack complete proof, use terms such as “these observations imply” or “this data appears to corroborate the conjecture.”

Furthermore, it is critical to recognize any limits or possible sources of bias in your study and to examine alternate interpretations of your findings. This is because you have thoroughly studied the ramifications of your results and are willing to do more research and enhance your views. In essence, PhD scholars must approach academic writing with caution and caution. This strategy ensures that study results are accurately and appropriately presented while noting the complexities and uncertainties that usually define research. Firms operating in developing economies need dynamic skills because they face unique problems that involve the creation of adaptable methods to deal with changing conditions. Companies, for example, may demand agility in responding to regulatory changes, political turmoil, or customer preferences.

“We can’t solve problems by using the same thinking we used to create them,” Albert Einstein said, emphasizing the necessity for a new viewpoint when dealing with complicated challenges. This remark emphasizes the need of using an innovative technique to handle a research topic after completing PhD research. The process of doing doctorate research comprises identifying a gap in existing knowledge and developing a fresh framework or technique to address the research topic. Researchers must think critically, creatively, and innovatively throughout this process in order to develop answers that successfully solve the research challenge. (E.2021 Sherman)

Doctoral researchers might participate in the study of various points of view, the contemplation of unique notions, and the creation of imaginative solutions to complex problems by using novel cognitive frameworks. This approach requires the researcher to have an open mind, be willing to challenge established assumptions, and be at peace with ambiguous and unclear conditions. Doctoral research requires much more than merely doing a literature study or testing a hypothesis. The goal entails pushing the boundaries of understanding and contributing to the advancement of the field via the development of fresh theories, frameworks, and approaches.

To summarize, Einstein’s remark is significant in doctorate research because it emphasizes the need of using a fresh strategy when handling complex research challenges. Doctoral researchers must use a critical, creative, and inventive technique in order to gain new insights and find novel solutions to complex research problems. To make a significant contribution to the growth of the discipline, researchers must be open-minded, question preconceptions, and welcome uncertainty and ambiguity.

Hines, A. H. (2019) asserts that once exposed to a novel thought, the human mind is permanently affected and never returns to its previous condition, emphasizing the enormous influence that new conceptions may have on the human psyche. When people are exposed to new ideas, their pre-existing views and assumptions are challenged, causing them to reconsider their positions. Their brains are expanded throughout this process, and they begin to perceive the world in a new perspective. In a variety of ways, this claim is significant. The statement begins by emphasizing the need of continual education and exposure to new ideas. Exposure to new ideas allows people to widen their cognitive spans and nurture new perspectives, which aids in their competent management of complex situations. The second argument emphasizes the major role that education can play in effecting good change. Individuals are exposed to innovative ideas via education, which aids in the development of their analytical talents and allows them to become more educated community members.

Individuals are receptive to new ideas, however some may be resistant to change. Certain people may be quite attached to their existing views and be unable to consider new points of view. In such cases, the potential for fresh thoughts to create major change must be fully realized. Finally, Oliver Wendell Holmes’ statement highlights the transformative power of new ideas on the human mind. This remark emphasizes the importance of continuing education and learning in increasing one’s knowledge base and building the capacity to think critically. Nonetheless, the above remark acknowledges that some people may reject new ideas and oppose any changes.

D., & Makri, A. (2019) Internet communication and interaction in the distance higher education: A framework study of good practice. International Review of Education, 65(4), 605-632. , 65(4), 605-632.

Lingard, L., & Watling, C. (2021). The Academic Hedge, Part I: Modal Tuning in Your Research Writing. In Story, Not Study: 30 Brief Lessons to Inspire Health Researchers as Writers (pp. 139-144). Cham: Springer International Publishing.

Sherman, E. (2021). Two Sides of Glory: The 1986 Boston Red Sox in Their Own Words. U of Nebraska Press.

Hines, A. H. (2019). Ralph Waldo Emerson and Oliver Wendell Holmes, Jr.: The Subtle Rapture of Postponed Power. J. Sup. Ct. Hist., 44, 39.

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Strategy and Strategic Management Essay

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Introduction

Essential components of strategy, towards a unified view of strategy, the strategy process, application of strategy-strategic fit and strategic foresight, strategic fit, strategic focus/foresight, reference list.

The Twelve Olympians by Monsiau, circa late 18th century

There is no unanimity among scholars and practitioners on the meaning of strategy. Texts on the subject discuss strategy from different and sometimes contradictory perspectives. The only issue, over which there is little debate, is the origin of the term strategy. “In its original sense, strategy (from the Greek word, Strategos) is a military term used to describe the art of the general (Harvard Business School, 2005, p. xi).

This art is about plans for troop deployment in battles to win wars. Many writers acknowledge that the concept of strategy has military origins, with Sun Tzu’s “Art of War” being one the oldest treatise on strategy. Businesspersons seem to enjoy using military analogies to conceptualize the running of businesses in the modern world.

Indeed, the pressure of keeping a business afloat amidst a very volatile operating environment that the world has become can feel like war. It is the goal of this paper to seek to uncover the essential components of strategy and the process of formulating a coherent organizational strategy in the context of the built environment.

Amid the differences that exist as to what strategy is, it seems more beneficial to embrace a wide-angled view of since each of the viewpoints has merit and contributes to the overall understanding of the concept.

It is the approach that Mark, (2004, p. 11) advocates for in the context of business when he states, “One of the greatest benefits of a comprehensive approach to strategy is the surfacing and exploitation of multiple sources of attractive growth”. However, this growth should give due considerations the internal resources availability for now and for the future.

The first essential component of strategy is action. The Harvard Business School (2005) states, “Strategy is about doing the right things” (p. xi). Actions reveal an organizations strategy. A deliberate strategy informs its actions. However, actions not based on a defined strategy still qualify for consideration as part of organizational strategy. Secondly, strategy refers to a plan.

Henderson (1991) states, “Strategy is a deliberate search for a plan of action that will develop a business’s competitive advantage and compound it” (p. 5). This plan informs the actions undertaken when the strategy is deliberate. Henderson (1991) assumes that all strategy must be formally planned. In the context of strategy, it is not the formalization of a plan but the deliberate choices a business puts in place that counts.

Another view forwarded by the Harvard Business School (2005) about strategy is that it is a resource control and utilization plan meant to protect the central interests of an organization. These resources include finances, physical infrastructure, and human resource. This view accomodates the lack of a deliberate centralized conventional business strategy made through a formal process.

It simply refers to the arrangement of those resources in a sensible manner towards certain ends. Competitive advantage is the motive behind strategy. Robert (2005) succinctly states, “Strategy is about winning” (p. 4).

This view is supported by Porter (1991) who states, “the essense of strategy formulation is coping with competition” (p. 11). The idea expressed reveals the intentional use of a plan to out-perform business rivals using unique traits of the organization in order to survive, and hopefully thrive. In this case, strategy answers the need to be the best among competitors.

The fifth essential component of strategy revealed by Robert (2005) is organizational identity. He states, “At the most basic level, strategy making extends beyond questions of resource deployment and market positioning to address fundamental questions such as: what is our business? What are we trying to achieve?

What is our identity as an organization?” (Robert, 2005, p. xi). This approach requires the organization to understand itself first before venturing out into the market with a clear direction. Wall (2004) agrees with this approach showing that strategy provides an organization with a “coherent sense of direction”, which is yet another essential component of strategy (p. 4).

This coherence makes it possible for all members of the organization to act in a coordinated fashion, which is essential for the success of a business. This holds true for small firms as well as large corporations. The final essential component of strategy is context. Successful strategy is very contextual.

“As soon as we move beyond general notions to more precise definition, then these depend upon the type of arena within which strategy is being deployed” (Robert, 2005, p. 7). This element accounts for the disparities in the views on strategy since some of the viewpoints are highly contextalized.

Increasingly, in this era of multinationals and globalization, context is more difficult to delineate especially geographically, yet to ignore context when developing strategy is to court disaster.

Based on the viewpoints above, Mark (2004) seems to have developed the most comprehensive definition of strategy. He states, “Strategy is about raising and allocating resources, setting priorities, directing organizations, and demonstrating through decisive behaviour what will be done – and what will not – in the pursuit of a larger vision, goal, mission, or high level set of objectives” (Mark, 2004. p. xv).

His definition is broad enough to capture most of the essential elements of strategy thereby avoiding the problem of high contextualization. It is also wide enough to cover the specifics of strategy that are valid in the strategic management of all organizations. This makes it useful in understanding the concept of strategy. Its other strength is that it leaves room for looking at strategy as either deliberate or consequential.

The elements defined here do not require a centralized approach to strategy development but even if it is there, it does not disqualify it. Its major weakness is its lack of enviromental cognisance. It does not account for environmental factors that greatly influence the preparation and execution of strategy.

This goes to demonstrate that the process of developing a unfied view of strategy is a work in progress, and still requires effort to sysnthesize the essential elements into a comprehensive definition of strategy. This preferred view must include the nine essential componenents identified above and in addition it must allow for both the deliberate and consequential nature of strategy.

A definition that meets the above criteria will still be somewhat incomplete since there is still the problem of universality versus contextualization. The following is an attempt to redefine strategy to meet this criteria presenting a wider understanding of the concept.

Strategy is a set of actions, planned or otherwise that influence resource acquisition and allocation, deployed for the express purpose of attaining competitive advantage based on a clear organizational identity expressed in terms of its place, power, problems and potential, which informs its direction and actions within its environmental context.

This definition captures all the essential elements identified but its rather cumbersome. It is long and may not appeal to the wider audience who actually need a concise definition to capture the essence of strategy. Probably, the sensible thing to do is to settle for a simplified global definition, while providing working definitions for each field, as writers have already done.

As expected, there is no universality in the recommendation of an ideal process for strategy development. There are different views on it. “Henry Mintzberg and his colleagues at McGill Unversity distinguish intended, realized and emergent strategies”. (Robert, 2005, p. 14). Intended strategy is the one the organization deliberately plans and positions itself to implement.

Emergent strategy is the one which developes unwittingly as an organization responds to evolving issues. When these two strategies interact, the result is the realized strategy which is the strategy the organization finds itself implementing. These three strategies are the result of three concurrent processes and they demonstrate the organic nature of strategy.

Strategy therefore is not a static process but a dynamic one that evolves and requires regular refitting. There is much concurrence though when looking at strategy as a process. In fact, there is a deliberate encouragement that organizations should take an active role in the developement of their strategy, other than waiting for one to emerge as they undertake their daily business.

The Harvard Business School (2005) states, “strategy creation and its implementation should be approached as a process” (p. xvi). The school proposes a five level process for strategy development that is useful in understanding the strategy process.

The steps in the process are developement of a mission, followed by identification of organizational goals. Thirdly, there is the actual strategy development succeeded by the strategy implementation process. The final level is performance measurement.

The first level of strategy development is mission. “Strategy creation follows from the mission of the company, which defines its purpose and what it aims to do for customers and other stakeholders” (Harvard Business School, 2005, p. xvi). Mark (2004) underscores the importance of mission when he says that the identification and action upon a particular set of issues determines the success of a business.

When the organization is clear about its priorities, then it can sucessfully engage in determining what is essential to its operations for success. The mission sets the rules governing its key relationships and functions. The next level is the identification of goals.

“Strategy creation typically begins with extensive research and analysis and a process through which senior management zeros in on the top priority issues that the company needs to tackle to be sucessful inn the long term” (Harvard Business School, 2005, p. xvii). There is a difference in opinion as to the direction of flow of the process, and whether it is the top management that is best placed to set organizational goals.

They have the tools and the authority but they lack in understanding of frontline issues that are key in implementation. Frontline staff on the other hand have clear views on what is not working for them but they lack the organizational overview. Probably, a middle line where the management gets input from the frontline is the best way around this challenge.

Once the goals are set, strategy creation takes place. It involves determining the internal and external forces followed by the identification of the choices that the organization has to achieve its objectives. Many tools are used to examine the organization’s capacity to settle on a particular organizational strategy after an environmantal scan.

While The Havard Busienss School advocates for SWOT as a method of conducting an enviromental scan, Robert (2005) feels that this approach is difficult to implement in practice and he advocates for a two way analysis of the environment, looking at internal and external factors. He contends that its not the four way classification but the “rigor and depth” in the analysis of these factors that counts (Robert, 2005).

Another popular tool worth mentioning used to conduct an evironmental scan is the Porter’s Five Forces Analysis. This tool is useful when the organization’s bottom line is the impetus driving the organization’s effort in undertaking a stategic planning process. There is lesser contention on who developes organizational strategy.

Many writers agree that “the job of creating an organization’s strategy over time falls to senior managers” (Walker, 2004. p4). The forth step in the strategy process is implementation. “A strategy that is formulated without regard to its implemetation is likely to be fatally flawed.” (Robert, 2005, 14).

In pushing the case for more frontline involvement, Daughtry and Casselman (2009) state, “Vision and strategy, critical though they are, are virtually useless without consistent execution right down to the frontlines” (p. 1 ). This requires good communication along the ranks of the organization.

They add that “Strategy has to be translated into the language and actions appropriate to each level in the organization” (Daughtry & Casselman, 2009, P.5). The final level in the strategy process is performance measurement. This lacks in organizations that do not have deliberate strategy. They do not know what to measure since they have not categorically stated what their goals are.

This five-step process is more useful as a conceptual model than as an actual implementation process. Wall (2004) warns that things do not work out this neatly in the real world where forces shift suddenly and without warning. Perhaps it is best to look at strategy development as “an iterative process that begins with a recognition of where you are and what you have now” (Henderson, 1991, p. 6).

New information and circumstances feed into the old circumstances forcing us to change and adapt our methods. The role of strategic management is to ensure that the changes in the environment do not adversely affect the organization’s long term view, but that the organization prepares in advance to take advantage of these changes.

Just like other organizations, construction companies exists within a certain environment defined broadly by the natural environment, demographic structures, social structures, legislative processes, technology, and economy. This environment has an immediate impact on their interest’s interests and influences everyday decisions.

In addition, they have their own unique internal environments defined by organizational culture, resources outlay such as level capitalisation and expertise, and business processes defining how they find and execute construction contracts. The internal environment influences the realization of their aspirations and the momentum they sustain towards their realization.

Certain other forces much larger in dimension constitute the business climate of companies in the built environment. These include the macroeconomic trends, political issues, and global trends. Montgomery and Porter (1991) observe, “Increasingly, both business units and corporations must compete globally” (p. xv). Dalic (2007) calls it “the convergence of cultures” (p. 4).

The climate has long-term impacts on the industry though it may be a while before a particular company begins to feel the impact of climatic changes. They are a very strong motivation behind the strategy process. Before a construction company develops its strategy, it is beneficial and maybe crucial for it to determine what its environment looks like.

This allows it to forecast the impact of its present actions thereby providing it with the range of presently available options and the limits within which it can operate profitably. The application of strategy and the strategy process allows an organization to determine two important contexts in strategic planning and strategic management. These are strategic fit and strategic foresight.

Strategic fit looks at the present. It refers to the process where an organization examines its current position to ascertain whether it is sitting squarely on its best possible footing or whether there is a mismatch, based on its objectives. In the built environment, a company looks at whether its level of staffing and financing corresponds to the available opportunities.

The resulting plan from the process is a strategic plan to give the organization a better placement within its business context. Robert (2005) recognizes the need for strategic fit when he states, “For a strategy to be successful, it must be consistent with the firm’s external environment and with the characteristics of the firm’s internal environment- its goals and values, resources and capabilities, and structure and systems” (p. 14).

Construction projects normally take very long from ideation to completion, and it is normal for very drastic changes in the business enviroment to occur within the life of the project. By seeking to attain strategic fit, a construction company ensures it takes advantage of the present opportunities which may dissapear because of environmental change.

Strategic fit is the result of implementing measures concluded upon after conducting an environmental scan during the strategy process. Strategy and the strategy process may provide organizations in the built environment with the ability to determine their strategic fit to ensure that they are currently using their resources to the best effect.

However, due to the dynamic environment in the present business context, for a small outfit such as small to medium enterprise construction industy, the strategy process considerations may pose challenges to them in utilizing their resources to the best outcome as it is somewhat restrictive in terms of time, cost and resource availability.

On the other hand, strategic foresight, also known as strategic focus, refers to the preferred position of an organization usually at some point in the future. By looking at the medium and long-term opportunities, a construction company may find certain desirable positions they would prefer to occupy at that future date.

Strategic foresight considers all the forces acting on the business environment within which the organization operates and seeks to determine their impact on the long-term objectives of the organization. This prepares it to take advantage of arising opportunities and prepares it to handle future challenges. “One of the biggest challenges facing executive teams is lack of strategic focus” (Daughtry & Casselman, 2009, p. 7).

Its long-term nature makes it easy to ignore especially for small construction companies with severe resource constraints. The pressure of the present seems to make strategic foresight an unnecessary burden on already overworked executives.

By drawing on strategy and the strategy process, a construction company creates strategic focus on its executives, thereby preparing them to handle the challenges the company will face in the future. It assures the long-term survival of the company. It is tempting to look at the strategy process in terms of strategic foresight without considering the implications of strategic fit on the desired future.

Organizations in the built environment need to know that strategic foresight without strategic fit results in “a plan for the future without a plan for the present” (Wall, 2004, p. 13). On the other hand, strategic fit without strategic focus gurantees the present at the expense of the future.

Hence, the outcome should be a balanced strategy where there should be a constant review of the corporate strategy and its implication on present and future resources, and the competitive advantage in the market place.

Bacharach, S.B. (1989) Organizational Theories: Dome Criteria for Evaluation. The Academy of Management Review, 14(4), 496-515

Bourgeois III, L.T. (1984) Strategic Management and Determinism. The Academy of Management Review, 9(4), 586-596

Dalic, T. (2007) Globalization of Marketing Strategies in Light of Segmentation and Cultural Diversity. Norderstedt: GRIN Verlag.

Daughtry, T.C. and Casselman, G.L., (2009) Executing Strategy: From Boardroom to Frontline. Herndon, VI: Capital Books.

Harvard Business School (2005) Strategy: Create and Implement the Best Strategy for Your Business. Boston, MA: Harvard Business Press.

Henderson, B.D.(1991) Developing Strategy in C.A. Montgomery & M.E. Porter, eds. Strategy: Seeking and Securing Competitive Advantage. Boston, MA: Harvard Business School Publishing Division.

Li. Y and Peng, M.W. (2008) Developing theory from strategic management research in China, Asia Pacific Journal Manage, 25(3), 563-572.

Mark, D. (2004) Strategy: A Step by Step Approach to the Developement and Presentation of World Class Business Strategy. New York, NY: Palgrave Macmillan.

Poppo, L. and Zenger T. (1998) Testing Alternative Theories of the Firm: Transaction Cost, Knowledge-Based, and Measurement Explanations for Make-or-Buy Decision in Information Services, Strategic Management Journal, 19, 853-887

Robert, M.G. (2005) Contemporary Strategy Analysis. Malden, MA: Wiley-Blackwell.

Smircich, L. and Stubbart C. (1985), Strategic Management in an Enacted World, The academy of Management Review, 10(4), 724-736.

Teece, D.J., Pisano, G. and Shuen, A. (1997) Dynamic Capabilities and Strategic Management, Strategic Management Journal, 18(7), 509-533.

Toffek, M.W. (2004) Strategic Management of Product Recovery, California Management Review, 46(2), 1-22

Venkatram, N. and Cumillus, J.C. (1984) Exploring the Concept of “Fit” in Strategic Management, The Academy of Management Review, 9(3), 513-525

Walker, G. (2004) Modern Competitive Strategy. New York, NY: McGraw-Hill/Irwin.

Wall, S.J. (2004) On the Fly: Executing Strategy in a Changing World. Hoboken, NJ: John Wiley and Sons. D31BM – Business Management for Built Environment

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Decentralizing Strategic Portfolio Management by Empowering Project Teams to Execute Digital Transformation

Briefing Paper Sponsored By Broadcom

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Disruptive forces, like the post-pandemic hybrid workplace and generative AI tools, require companies to be more flexible in delivering products and services. Organizational leaders know they must pivot quickly to seize opportunities or avoid costly consequences.

What is Project 2025?

It’s a blueprint for what a second Trump administration could look like, dreamed up by his allies and former aides.

If Donald Trump struggled somewhat in his first administration to move the country dramatically to the right, he’ll be ready to go in a second term.

That’s the aim behind Project 2025, a comprehensive plan by former and likely future leaders of a Trump administration to remake America in a conservative mold while dramatically expanding presidential power and allowing Trump to use it to go after his critics.

The plan is gaining attention just as Trump is trying to moderate his stated positions to win the election, so he’s criticized some of what’s in it as “absolutely ridiculous and abysmal” and insisted that neither he nor his campaign had anything to do with Project 2025.

Still, what’s in this document is a pretty good indicator of what a second Trump presidency could look like. Here’s what Project 2025 is and how it could reshape America.

It’s a blueprint for a second Trump administration

The centerpiece is a 900-page plan that calls for extreme policies on nearly every aspect of Americans’ lives, from mass deportations, to politicizing the federal government in a way that would give Trump control over the Justice Department, to cutting entire federal agencies, to infusing Christian nationalism into every facet of government policy by calling for a ban on pornography and promoting policies that encourage “marriage, work, motherhood, fatherhood, and nuclear families.”

This isn’t coming directly from the Trump campaign. But it should be taken seriously because of the people who wrote it, analysts say. The main organization behind the plan, the Heritage Foundation, is a revolving door for Trump officials (and Heritage is a sponsor of the Republican National Convention, which will hand him the nomination next week).

“This is meant as an organized statement of the Trumpist, conservative movement, both on policy and personnel, and politics,” said William Galston, head of governance studies at the Brookings Institution.

2024 presidential election

Project 2025 calls for abortion limits, slashing climate change and LGBTQ health care funding, and much more

A few of the highlights:

Remake the federal workforce to be political : Instead of nonpartisan civil servants implementing policies on everything from health to education and climate, the executive branch would be filled with Trump loyalists. “It is necessary to ensure that departments and agencies have robust cadres of political staff,” the plan says. That means nearly every decision federal agencies make could advance a political agenda — as in whether to spend money on constituencies that lean Democratic. The project calls for cutting LGBTQ health programs, for example.

Cut the Education Department: Project 2025 would make extensive changes to public schooling, cutting longtime low-income and early education federal programs like Head Start, for example, and even the entire Education Department. “Federal education policy should be limited and, ultimately, the federal Department of Education should be eliminated,” the plan reads.

Give Trump power to investigate his opponents : Project 2025 would move the Justice Department, and all of its law enforcement arms like the FBI, directly under presidential control. It calls for a “top-to-bottom overhaul” of the FBI and for the administration to go over its investigations with a fine-toothed comb to nix any the president doesn’t like. This would dramatically weaken the independence of federal law enforcement agencies. “There’s going to be an all-out assault on the Department of Justice and the FBI,” said Galston, of Brookings. “It will mean tight White House control of the DOJ and FBI.”

Make reproductive care, particularly abortion pills, harder to get : It doesn’t specifically call for a national abortion ban, but abortion is one of the most-discussed topics in the plan, with proposals throughout encouraging the next president “to lead the nation in restoring a culture of life in America again.” It would do this by prosecuting anyone mailing abortion pills (“Abortion pills pose the single greatest threat to unborn children in a post-Roe world,” the plan says). It would raise the threat of criminalizing those who provide abortion care by using the government to track miscarriage, stillbirths and abortions, and make it harder to get emergency contraceptive care covered by insurance. It would also end federal government protections for members of the military and their families to get abortion care.

Crack down on even legal immigration : It would create a new “border patrol and immigration agency” to resurrect Trump’s border wall, build camps to detain children and families at the border, and send out the military to deport millions of people who are already in the country illegally ( including dreamers ) — a deportation effort so big that it could put a major dent in the U.S. economy. “Illegal immigration should be ended, not mitigated; the border sealed, not reprioritized,” the plan says.

Slash climate change protections : Project 2025 calls for getting rid of the National Oceanic and Atmospheric Administration, which forecasts weather and tracks climate change, describing it as “one of the main drivers of the climate change alarm industry.” It would increase Arctic drilling and shutter the Environmental Protection Agency’s climate change departments, all while making it easier to up fossil fuel production.

Ban transgender people from the military and consider reinstating the draft : “Gender dysphoria is incompatible with the demands of military service,” it reads. The author of this part of the plan led the Defense Department at the end of Trump’s presidency, and he told The Washington Post that the government should seriously consider mandatory military service.

How all of this would be implemented

A huge part of this project is to recruit and train people on how to pull the levers of government or read the law in novel ways to carry out these dramatic changes to federal policy. There’s even a place on the plan’s website where you can submit your résumé.

But there are some major hurdles to getting the big stuff done, even if Trump and Republicans win control of Washington next year. For one, Trump doesn’t appear to agree with everything in it. His campaign platform barely mentions abortion, while Project 2025 zeroes in on it repeatedly.

Also, some of these ideas are impractical or possibly illegal. Analysts are divided about whether Trump can politicize the civil workforce to fire them at will, for example. And the plan calls for using the military to carry out mass deportations on a historic scale , which could be constitutionally iffy.

Ominously, one of the project’s leaders opened the door to political violence to will all of this into being: “We are in the process of the second American revolution,” Heritage Foundation President Kevin Roberts warned recently, “which will remain bloodless, if the left allows it to be.”

Why Project 2025 is getting so much attention right now

It’s not unusual for wannabe administration officials to plan for how they’d govern once they get back in power. But what is unusual is how dramatic and unapologetically extreme many of these proposals are.

And the Biden campaign — which is obviously struggling right now with existential questions about its nominee — sees this as an easy target to campaign on.

Democrats are circulating a survey from a liberal organization that suggests talking about Project 2025 as a “takeover” of American government by Trumpists resonates with voters.

“It’s like reading a horror novel,” said Democratic strategist Jesse Ferguson. “Each page makes you want to read the next one, but when you finish reading it, you’re scared and disgusted.”

That’s much to the frustration of the Trump campaign, which doesn’t want such specific (and politically unpopular) ideas out there pegged to his campaign, as he’s trying to moderate some of his positions to win the election.

“It makes no sense to put all the crazy things you’ll be attacked for down on paper while you’re running,” a Trump adviser told The Washington Post recently .

But it’s fair to think of Project 2025 as a pretty good indicator of what a second Trump presidency would look like, analysts say.

“It’s not like Trump is going to hand out this booklet to his Cabinet on Day One and say, ‘Here you go,’” said Michael Strain, the director of economic policy studies at the conservative-leaning American Enterprise Institute. “But it reflects real goals of important people in Trump’s community.”

A previous version of this article misspelled the name of the American Enterprise Institute's Michael Strain as Michel. The article has been corrected.

Election 2024

President Biden plans to address the nation Wednesday from the Oval Office on his decision to exit the presidential race and endorse Vice President Harris as the Democratic nominee. Follow live updates on the 2024 election .

Kamala Harris: A majority of Democratic delegates have pledged to support Harris , signaling she is likely to secure the presidential nomination next month. We broke down seven options for her vice-presidential pick .

Biden drops out: Here’s what happened in the hours before Biden said in a letter that he is ending his reelection campaign . This is how Democrats can pick a new candidate .

Trump VP pick: Donald Trump has chosen Sen. J.D. Vance (Ohio) as his running mate , selecting a rising star in the Republican Party and a previously outspoken Trump critic who in recent years has closely aligned himself with the former president.

Presidential election polls: Here’s what voters think about Harris replacing Biden and how Harris performs against Trump in recent polls .

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2024 The State of Risk Oversight: An Overview of Enterprise Risk Management Practices – 15th Edition

Each year, the ERM Initiative at NC State University, in partnership with the AICPA , conducts research about the current state of risk oversight processes in organizations of all types and sizes.

This 15 th edition of The State of Risk Oversight:  An Overview of Enterprise Risk Management Practices reflects insights from 377 respondent about the relative maturity of underlying activities executives and boards use to monitor the rapidly changing risk landscape.

Key Area of Focus

Our 15th annual report explores insights about questions spanning these 10 key areas of risk oversight practices:

Key Findings

The report provides detailed insights about over 40 specific dimensions of risk oversight practices.  Key themes emerging from this year’s study include the following:

• Increasing Risk Complexity: Executives perceive the overall volume of risks in the business environment to be complex and increasing.
• Risk Management Maturity Not Keeping Pace with Reality: While organizations have advanced the maturity of their risk management processes, the progress that has been made is relatively slow with most respondents indicating their risk management processes are not yet mature or robust.
• Disconnect Exists Between Risk Management and Strategy:   Organizations continue to struggle to connect their risk management efforts with their strategic planning processes, with only a small percentage of respondents indicating their risk management processes provide significant strategic advantage.
• Focus on Emerging Strategic Risk Receives Lowest Priority:   Most organizations engage in formal risk identification processes on an annual basis, focusing on operational, compliance and financial risk issues with emerging strategic market risks given the least attention.
• Scales Used to Rank Risks:  Scales are generally provided to guide executives in their assessment of a risk’s likelihood and impact.
• Dashboards Lack Robust Key Risk Indicators:   While management dashboards highlight key performance indicators, most dashboards do not have robust sets of key risk indicators to monitor changes in risk conditions.
• Management-Level Risk Committees More Common:   Over the past 15 years, the percentages of organizations appointing an individual to serve as a chief risk officer or creating a management-level risk committee have steadily increased, with most risk committees meeting monthly or quarterly.
• Most Boards Delegate Risk Oversight:   Most boards are delegating their risk oversight responsibilities to a subcommittee of the board, which is typically the audit committee except for financial services organizations that delegate to risk committees of the board.
• Expectations for Enhanced Risk Management Increasing:   Pressure from the board and external parties continues to be placed on senior executives to increase their involvement in risk oversight activities.
• Cultural Barriers Limit Progress:   Despite progress in advancing risk management activities over time, barriers continue to exist within organizations that limit such progress.

Suggested Discussion Questions for Board and Management Dialogues

In each of the 10 Key Focus Areas examined, the report includes a number of suggested topics that leaders can use to prompt discussion among management and the board about their organization’s risk management process.  In total there are 50 suggested discussion items for executives can use to engage in productive dialogue to evaluate opportunities for risk management enhancements.

Discussion Items Examples: #1 Risk Environment and #2 Maturity of Risk Management Practices

This report highlights the state of risk oversight practices in 377 organizations. We believe readers can use this report to identify a number of factors to be considered as they seek to enhance their ERM approaches to managing the ever-changing nature of risks in the global business environment.

You can access all of the prior years’ reports by clicking on the links below.

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If your organization seeks additional training on the topic of ERM, the ERM Initiative hosts executive education and ERM Roundtable Summits featuring ERM best practices. Learn more .

Subscribe to ERM Insights. We’ll deliver directly to you inbox the latest research, insights and opportunities from the NC State ERM Initiative to help you and your organization lead with confidence.

Original Article Source: “ 2024 State of Risk Oversight Report “, Mark S. Beasley and Bruce C. Branson, AICPA and NC State University ERM Initiative, July 2024

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College of HRSM introduces new hospitality loyalty strategy course

Loyalty programs have become a key part of marketing in the hospitality industry as well as retail, sport and entertainment. They have grown by leaps and bounds in recent years, leading not only to opportunities for customers but also to new career paths for future industry leaders.

This fall semester, the University of South Carolina’s School of Hospitality and Tourism Management will offer Hospitality Loyalty Strategy. Instructor Darron Kirkley created and will teach the new special topics class.

"This comes up in marketing classes, but we’ve never had a class focused specifically on brand loyalty and affinity," Kirkley says. "It's such a big thing. Virtually every single company has a loyalty program, regardless of whether it's hospitality, retail, whatever it may be. For American Airlines, according to many analysts, the loyalty program is more valuable than the airline itself. It brings in that much revenue."

Kirkley is an expert on such programs from several perspectives. In addition to his academic role, he serves as tourism manager for Chesterfield County, South Carolina, where he oversees the county’s tourism marketing program. He is also a frequent traveler for both business and pleasure and a user of rewards programs.

Through the Hilton Honors program, Kirkley recently won the opportunity to spend a night in a specially constructed pop-up hotel on the course at the RBC Canadian Open. Exclusive perks like that are a sign of the way loyalty strategy has grown and evolved.

"Back in the day, it was all simple: get a free night, get a free meal. Now we're in much more of an experience economy. People want to do something that somebody else can't do, and we're seeing brands really change to offer that. You can still get your free night, but now other opportunities are there too," Kirkley says.

Kirkley has cashed in his own loyalty points for meals cooked by chefs from Top Chef, a meet and greet with country stars Lady A followed by a private performance, a flight on a small plane offering overhead views of Dublin and more. 

"There are so many different opportunities and partnerships. At the end of the day, points are currency," he explains.

The class, open to all majors, will examine loyalty programs from both sides. Kirkley will focus on the business mindset and strategy involved, as well as the career opportunities in the growing rewards industry. As a bonus, he will also share his expertise on making the most of rewards as a consumer.

"The class will have some tips and tricks, don't get me wrong," he explains. "But really what I want the students to get out of it is to see how much lifetime value means with a consumer, how changing the psychology, the behavior of how loyalty works, and how it's all about trying to get people to change their habits to go to your brand."

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Chaos and Confusion: Tech Outage Causes Disruptions Worldwide

Airlines, hospitals and people’s computers were affected after CrowdStrike, a cybersecurity company, sent out a flawed software update.

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By Adam Satariano Paul Mozur Kate Conger and Sheera Frenkel

• July 19, 2024

Airlines grounded flights. Operators of 911 lines could not respond to emergencies. Hospitals canceled surgeries. Retailers closed for the day. And the actions all traced back to a batch of bad computer code.

A flawed software update sent out by a little-known cybersecurity company caused chaos and disruption around the world on Friday. The company, CrowdStrike , based in Austin, Texas, makes software used by multinational corporations, government agencies and scores of other organizations to protect against hackers and online intruders.

But when CrowdStrike sent its update on Thursday to its customers that run Microsoft Windows software, computers began to crash.

The fallout, which was immediate and inescapable, highlighted the brittleness of global technology infrastructure. The world has become reliant on Microsoft and a handful of cybersecurity firms like CrowdStrike. So when a single flawed piece of software is released over the internet, it can almost instantly damage countless companies and organizations that depend on the technology as part of everyday business.

“This is a very, very uncomfortable illustration of the fragility of the world’s core internet infrastructure,” said Ciaran Martin, the former chief executive of Britain’s National Cyber Security Center and a professor at the Blavatnik School of Government at Oxford University.

A cyberattack did not cause the widespread outage, but the effects on Friday showed how devastating the damage can be when a main artery of the global technology system is disrupted. It raised broader questions about CrowdStrike’s testing processes and what repercussions such software firms should face when flaws in their code cause major disruptions.

How a Software Update Crashed Computers Around the World

Here’s a visual explanation for how a faulty software update crippled machines.

How the airline cancellations rippled around the world (and across time zones)

Share of canceled flights at 25 airports on Friday

50% of flights

Ai r po r t

Bengalu r u K empeg o wda

Dhaka Shahjalal

Minneapolis-Saint P aul

Stuttga r t

Melbou r ne

Be r lin B r anden b urg

London City

Amsterdam Schiphol

Chicago O'Hare

Raleigh−Durham

B r adl e y

Cha r lotte

Reagan National

Philadelphia

1:20 a.m. ET

CrowdStrike’s stock price so far this year

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