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Forum Startegic Management

The document discusses strategic management and its role as a capstone course. It provides 3 key points: 1) A capstone course integrates material from an educational program and strategic management fulfills this role by requiring an understanding of all business functions. 2) Strategic management is suited to be the capstone course because it involves coordinating all aspects of an organization to achieve long-term goals, drawing from knowledge in other business subjects. 3) Students need a comprehensive business acumen gained from other classes to perform well in strategic planning and management, making it the natural culmination of a business education.

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Khalid Hasan
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79 views3 pages

Forum Startegic Management

The document discusses strategic management and its role as a capstone course. It provides 3 key points: 1) A capstone course integrates material from an educational program and strategic management fulfills this role by requiring an understanding of all business functions. 2) Strategic management is suited to be the capstone course because it involves coordinating all aspects of an organization to achieve long-term goals, drawing from knowledge in other business subjects. 3) Students need a comprehensive business acumen gained from other classes to perform well in strategic planning and management, making it the natural culmination of a business education.

Uploaded by

Khalid Hasan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Forum 1

“Strategic management course is often called a capstone course.”-


Discuss.
A capstone course serves as the culminating and usually integrative experience of an educational
program. It may also be referred to as senior seminar or final year project. Strategic management
is a business sub-discipline concerned with the coordinating of material and human resources
within an organization, in order to achieve long-term business goals. Masters in Strategic
Management focus on gaining entrepreneurship acumen and a broad understanding of modern
business environments. The strategic management is also called a capstone course because it
integrates materials from all the business subjects, management, marketing, production &
operations etc. In order to strategically plan for a company and make organizational decisions, a
person would need to understand every aspect of an organization and how each function relates
to another. The strategic management class is the capstone because a student needs to understand
the business acumen gained from all other business classes, in order to do well in strategic
planning.

Forum 4
A vision statement identifies where the organization wants or
intends to be in future or where it should be to best meet the needs
of the stakeholders. Discuss
A vision statement identifies where the organization wants or intends to be in future or where it
should be to best meet the needs of the stakeholders. It describes dreams and aspirations for
future. the vision is a broad description of the value an organization provides. It is a visual image
of what the organization is trying to produce or become. It should inspire people and motivate
them to want to be part of and contribute to the organization. Vision statements should be clear
and concise, usually not longer than a short paragraph. Vision statements of a company help
direct the organizational strategy. It provides purpose and goals, which are necessary elements of
a strategy. It outlines the audience for the business, and what that audience finds important. By
identifying these elements, the business executives can develop a more step-by-step strategy that
helps the company achieve its mission in the short term, and its vision in the long term.

A vision statement helps businesses to outline performance standards and metrics based on the
goals they want to achieve. It also provides employees with a specific goal to attain, promoting
efficiency and productivity. Vision statements aren’t only necessary for employees and business
owners when it comes to the organizational strategy. They also apply to external stakeholders
like customers, partners and suppliers. The vision statements can be used as a public-relations
tool to attract media attention, engage specific audience segments and develop business
partnerships with like-minded companies.

Forum 5
Different forces of external environment.
Environment embraces such abstract things as an organization’s image and such remote visible
issues as economic conditions of the country and political situations. The environmental forces
abstracts and visible need careful analysis. The systematic and adequate analysis produces the
information necessary for making judgments about what strategy to pursue. The external
environment embraces all general environmental factors and an organization’s specific industry-
related factors. The general environmental factors include those factors that are common nature
and generally affect all organizations. There are different forces of external environment. They
are,

Political forces: These are determined by the political climate which may either be stable or
unstable. Instabilities in the political climate cause uncertainties that affect business operations.

Economic forces: The economic force of an organization is the overall status if the economic
system in which the organization operates. The important economic forces for business are
inflation, interest rates, and unemployment.

Socio culture forces: The socio-cultural dimension must be well studied by a manager. It
indicates the product, services, and standards of conduct that society is likely to value and
appreciate. The standard of business conduct varies from culture to culture and so does the taste
and necessity of products and services. Socio-cultural forces include culture, lifestyle changes,
social mobility, attitudes towards technology, and people’s values, opinion, beliefs, etc.

Legal forces: It refers to the laws and regulations that guide the operations of a firm. Changes
in legislation affect the operations of a business and it is crucial to always comply with the
relevant legal requirements.

Technological forces: Technological factors include information technology, the Internet,


biotechnology, global transfer of technology and so forth. None can deny the fact that the pace of
change in these technological dimensions is extremely fast.

International forces: Virtually every organization is affected by international factors. It


refers to the degree to which an organization is involved in or affected by businesses in other
countries.
Forum 7
It might be helpful to define the two terms. Effectiveness can be defined as producing the
expected results or reaching the company's goals. Usually a firm measures effectiveness by
measuring employee performance and company profits. Employee performance is directly linked
to how well employees maximize a company's assets. The problem with measuring effectiveness
is that it can become an abstract concept depending upon business theory. For example, the
company must determine the value of employee work input to production output. This
measurement deals with values that must be established and monitored. However, organizational
efficiency is more measurable. It directly relates to how well a company uses money. Efficiency
is generally measured mathematically by examining the relationship between company expenses,
equity, debt, and profit. Using the above explanations, for a company to be successful, it must
maximize efficiency to be effective.

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