Strategic Management and Business Policy, Global Strategic Management Wallace Group

The Wallace Group is in need of a Board of Directors for their corporation. The raise of directors has an obligation to approve all decision that might portion the long run perfor military mance of the corporation. Harold Wallace has acted as a cardinal man plug-in of director, making all final decisions for the Wallace Group. The board of directors responsibilities is setting incorporated strategy, overall direction, mission, or vision. Hiring and firing the chief operating officer and top focussing. Controlling, monitoring, or supervising top management. Reviewing and approving the use of resources and caring for shareholder interests. (Wheelen & Hunger) The next important problem that the Wallace Group is facing is the fact that they have never created or implemented a strategicalal management. The role of the board of directors in strategic management is to carry go forth iii basic tasks. The first if to monitor, by acting through its commit tees and to cede attendance to developments inside and outside the corporation and bringing these to the direction of management. The next would be to guess and influence management proposal, decisions, and actions; select advice and offer suggestions. The final is to initiate and determine, a board patronise delineate a corporations mission and specific strategy. Strategic management is a technique you can use to create a well-off future and patron your organization to prosper.

To create this favorable future, you must involve your organizations stakeholders (anyone with a vested interest in ach ieving your organizations goal) in envision! ing the most desirable future and then in running(a) unitedly to off this vision a reality. The key to strategic management is to understand that people communicating and working together will create this future, non some words compose garbage down on paper. Strategic management does not replace traditional management activities such as budgeting, planning, monitoring, marketing, reporting, and controlling. If you want to get a full essay, order it on our website: BestEssayCheap.com

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