Strategic Management
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Strategic management is a process that can help anyone who has goals that need to be accomplished in a long period of time. These could be set in a personal manner or in an organization. Any organization that wants to be successful needs a strategic plan with certain goals set for the organization. Strategic planning is not just something that is optional but required in order to meet certain goals for an organization or within your own personal setting.
There are primary components in strategic management planning which consists of many elements that are needed internally and externally for a organizations success. It emphasizes the external opportunities and threats and internally strengths and weaknesses. “Strategic management incorporates such topics as strategic planning, environmental scanning, and industry analysis” (Hunger J. David, 2010). A strategic plan consists of a five year plan where people of all levels are involved in reaching the goals of the organization. Every organization will be different in how they emphasize their strategic management plan because each organization has different visions, missions, goals, and objectives. This gives the organization a guideline on what needs to be done in order for the success of the organization.
Jet Blue used the strategy diamond for their strategic management plan. Their vision is to “bring humanity back to air travel through product innovation and excellent service. It intends to be low-fare, low-cost passenger airline that provides high-quality customer service” (Carpenter Mason A., 2009). Coming into an industry that was losing billions of dollars with the economy they had to set a strategic plan that gave consumers a way of traveling at a low cost but with the high quality customer service to keep them coming back. Their main base is located out of New York City at John F. Kennedy Airport which is the foundation of travel being the largest travel market in the country. As the industry was losing money Jet Blue found a way to prosper by offering leather seats and satellite t.v for a low air fare. This was Jet Blues strategy in being successful in a failing industry. In 7 years Jet Blue has expanded their flights from just service the east coast to now serving the west coast as well to more than 50 cities. Their corporate and social responsibility is to bring humanity back to the skies. Through the diamond strategic management plan they