![]() ![]() Third, strategic management requires incorporating both short-term and long-term perspectives. Decisions that may benefit the owners such as taking short cuts in safety may have drastic effects on the employees or a local community’s environment.ĭecisions to cut costs in quality control and employee training may benefit the bottom line of a company for a short time, but eventually will lead to a poorer product being produced and a lack of consumer confidence or higher warranty claims of the end user. Stakeholders will include the owners, shareholders, employees, customers, suppliers, and the community. Managers must consider the consequences of how certain decision will affect each stakeholder group. Typically stake holders have demands on different areas of the organization. Secondly, the strategic management of an organization must include multiple stakeholders in decision making. These goals need to be transparent throughout the organization to allow the key players to achieve buy-in as the team moves towards accomplishing these goals. The goals and objectives set by the manager’s act as stepping stones to maintain that vision. Typically the company will be organized with a mission and vision developed, stating a purpose and direction of the overall organization. So long as you maintain a certain degree of flexibility to account for the unpredictable and consistency regarding standards for success, you’ll find yourself in command of a high-quality team that can’t help but to succeed.Strategic Management must firstly be directed towards a company’s goals and objectives. ![]() ![]()
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