Strategic ManagementEssay Preview: Strategic ManagementReport this essayI. SITUATIONAL ANALYSIS OF STRATEGIC FACTORSA situational analysis of strategic factors is a process by which mission statements, objectives, strategies and policies of a company are analyzed and studied for relevance, functionality, and practicality. The end result would be a snap-shot of information that would allow executives to review and evaluate the current method of operations and make informed decisions on how to improve processes that are directly or indirectly tied to the execution of the companys mission statement. “SWOT is an acronym used to describe those particular Strengths, Weaknesses, Opportunities, and Threats that are strategic factors for a specific company” (Wheelen & Hunger, 2004, p.109).
STRATEGIC FACTORs (CERTILES) are characteristics of strategic factors developed for specific businesses, groups, or the individual for certain tasks. In order to find out what characteristics of a strategic factor exist in a given organization, it is necessary to look only into one or two and also determine if a particular combination of those characteristics are present in all business operations in a given organisation through the analysis of the CERTILES. One important aspect to consider when designing strategic CERTILES is the relationship between the factors themselves, their strengths and weaknesses and, hence, their actual operational goals, and the particular approach they must take to improve their effectiveness. Generally, most CERTILES are developed in conjunction with various other CERTILES designed to improve the effectiveness of CERTILES. In contrast, each CERTILES are a tool in an organizational toolbox and therefore not always widely used, a fact that will be discussed further below.
STRATEGIC FACTORS OF THOSE STRATEGIC FACTORS can be obtained from various sources. In general:
Fully-managed organizations:
Organizational teams with a large number of organizational managers can have unique strategic factors for a specific business or organization. Examples of such factors include:
An organization with over 2.10 million people can utilize more strategic CERTILES than a small but diverse organization with less than 1.4 million people, according to a 2009 report by the Institute of Security Research and Management in The Hague.
Organizational processes:
The goal of organizational processes is to reduce the risk to each person or group and to minimize time spent developing and implementing them. The goals of organizational processes include improving efficiency, security, and teamwork on the part of each person or group. Examples of such process include:
Employment and Training:
Training provides personnel benefits that enable executives to meet or exceed their objectives and to perform their assigned duties effectively. The idea is that the benefits of training can be enhanced as the company is growing and the company is engaged in increased integration. Examples of such process include:
Organizational strategy:
A plan or strategy should be the primary and core objective of a senior executive and should be developed to promote efficient strategy and to maximize business value for the organization. When implementing a plan or strategy in a corporation, the manager or chairman should consider the impact on the shareholder’s financial position that the plan or strategy has on overall business or organization objectives. If the manager or chairman is dissatisfied with the strategy or strategy, the company can use the advice of a professional to implement what will help enhance the overall goal;
Eligibility and Management:
Eligibility can be measured using a process-based analysis method that identifies unique strategic factors of a
Before any recommendations or changes are made, a company should undergo an objective analysis as such as this to ensure that they will achieve the desired end-result. If a company implements changes without completing this major step, you can guess where you would like to end up – but you cant really effectively be able to chart and follow a path. This whole process can be referred to as strategic planning.
There are both internal and external factors that need to be considered as part of any strategic plan. The external environment consists of variables such as opportunities and threats. Opportunities and threats generally are influenced by financial elements that are market-driven. They are factors that exist and influence the companys success but these influences are outside of the organization. The internal environment of a corporation consists of variables strengths and weaknesses that exist and/or driven from within the organization. One very effective way to organize/summarize data from a SWOT analysis is by compiling a Matrix. The following is a SWOT matrix for the Handspring Corporation based on information found in our textbook.