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Cango Senior Project

In: Business and Management

Submitted By Gabriella05
Words 6210
Pages 25
Project Course Exercise

If businesses/organizations are to succeed, it is imperative that there be definitive and attainable objectives and results. The organization will define objectives by looking at the marketplace in which the organization is competing, the core competencies of the organization, recognizing how these can be applied to the goal of success, and then applying the organization's skills and competencies to accomplish the successes. This also means that the organization needs to identify areas it will not pursue – those that are not directly related to the core elements and competencies of the organization.
As an example, if a company were focused on developing and manufacturing sporting equipment, it would need to determine if this includes all sporting equipment or a selection of products. Further, the company would need to determine what would be the various levels of support it would provide to its customers. For example, would the company take its equipment directly to the consumers for demonstrations and lessons on how to gain the optimal results with the equipment? All of these types of decisions would be the result of the organization developing a strategy for how it will conduct its business.
All of this translates into Strategic Management with the intended result of gaining a competitive advantage in a business niche. Very simply, developing a Strategic Management Plan means having defined what is the best set of results the organization can attain or what the organization wishes to accomplish (from the Vision and Mission Statements), developing the ways to accomplish these results (Strategies), and measurable factors (Goals and Objectives). All of this is in context of good business practices (ethics) and making good business decisions.
A vibrant organization knows that Strategic Management requires: * Planning by completing the…...

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