Discussion Questions: Strategic Management
- Understand the basic concepts and terminology used in Strategic Management. (Lo 1.2)
- Understand the Corporation Social Responsibility (Lo 1.4).
- Explain how executive leadership is an important part of strategic management (Lo 3.4)
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ü Question 1: How does strategic management typically evolve in a corporation?
ü Question 2: Discuss the influence of globalization, social responsibility and environmental sustainability on strategic management of a corporation.
ü Question 3: In what ways can a corporation’s structure and culture be internal strengths or weaknesses? Justify your answer by examples from real market.
ü Question 4: When does a corporation need a board of directors? Justify your answer by an example from Saudi market.
Setting up a successful business and growing it to an international level is an uphill task for most entrepreneurs. It requires strategic management that can help the company take advantage of available opportunities while minimizing risks. The evolution of strategic management in a corporation occurs in four distinct stages Trigeorgis and Reuer (2017) note that companies go through auditing, development, implementation, and evaluation when implementing strategic management. These four steps define the evolution of strategic management. In the first step, the company performs research on itself and its industry or environment, which gives them a clear picture of where they are currently. After auditing, they begin developing effective strategies for their company based on the results of the audit. During development, companies can develop the strategy by themselves using a team of employees and management. Alternatively, they can outsource these services and ask a third party to develop a strategy based on the audit results and educate the company staff about them.(1170 words)