Nov 23, 2024
HEP 456 Module 6 Section 14 Communication and Dissemination of The Findings Arizona State University
HEP 456 Module 6 Section 14 Communication and Dissemination of The Findings HEP 456: Health Promotion Program ā¦
BUS402 Week 2 Discussion Forum
Discuss the elements of strategic management and explain why it is crucial to an organizationās survival. Excluding the examples from the textbook, give an example of a company that failed as a result of poor strategic management. Explain the difference between a strategy and a business model.
The elements connected with strategic management include strategy evaluation,Ā implementation, strategy formulation and situation analysis . Strategic Management on a corporate level usually incorporates preparation for future opportunities, risks, and market trends. The primary goal of strategic planning is to provide directions, clarity, and focus on how to achieve the outlined goals. Strategic planning ensures that organizations' goals are in alignment with their vision and mission (Abraham, 2012). This is through describing what and how should be done to achieve long term success. Eventually, firms accomplish their long and short term goals while keeping the work environment positive hence elevating the levels of profits and sales.
Woolworths is one of an example of a company that failed as a result of poor strategic management. Poor financial management led to the dissolution of the company. The company was making losses instead of profits. We all know that the ultimate aim of any organization is to maximize profit and reduce expenses. However, Woolworths lacked strategic planning on financial management, which led to its dissolution.
Both a business strategy and a business model answers main questions in business operations. However, a business strategy is a method companies use to achieve their primary goals. It entails plans that organizations have to accomplish their mission and vision. A business model is a systematic method a company uses to generate revenue. Therefore, a business model contributes to the business strategy since it acts as a roadmap to how businesses can attain their goals.
References
Abraham, S. (2012). Strategic management for organizations. Retrieved from https://content.ashford.edu/
