Unit 2 Assignment
MT 460Management and Strategy
September 3, 2011
Business Strategies Matter
Businesses began to realize the significance of using strategie planning as a discipline back in the 1950’s. Managers began to think systematically in a larger scope, and they knew that business strategies must be in place to keep their organizations afloat against immense competition and to expand their interests overseas. With long-term plans of action, business can achieve their goals and objectives. The fluctuating state of the world economy demands that businesses employ effective action plans to ...view middle of the document...
Through this form of strategy, the company can analyze both the external and internal factors that can affect business management. Competition dictates the use of strategic disciplines so that a company can position itself in the market with minimum collateral and maximum returns. Managers usually employ strategic management in carrying out technological changes in the company, spearheading innovative projects or when making important decisions that affect the stakeholders. Strategic tools help in deciding which business opportunities to explore, defining appropriate action plans to undertake, and helping to choose which value-added activities the stakeholders should carry out.
The adoption of business strategy will help identify the business needs and ensures that everyone in the company is united in the attainment of the company goals. Organizations experience frequent challenges and loopholes in management. Business strategy offers solutions that help trace the origins of concerns and establish plans to resolve the underlying issues. Critical questions analysis helps management decide which strategic tools to use; they need to realize the objectives of the organization, the direction they would like to proceed, the correct atmosphere in the organization, and what better ways to attain the objectives the more defined the objectives are, the easier it is to direct the members of the company to follow the top management’s lead.