Attached.Running head: STRATEGIC MANAGEMENTStrategic ManagementStudent’s NameInstructor’s NameInstitutional Affiliation1STRATEGIC MANAGEMENT2QUESTION 1Strategic management evolves in a corporation through four main phases which includeessential fiscal plan, future-oriented plan, outward-based strategy and ultimately, tacticalmanaging (Wheelen & Hunger, 2011). The first phase entails an outright understanding of thefinancial capabilities of a corporation, thus a strive for a perfect caging of operational controlwithin a specified budget. In the second phase, robust plans are invented, which are flexibleenough to incorporate any future uncertainties. Thus assure continuity of the corporation.Nonetheless, the third phase employs strategic thoughts in pursuant to an increased elasticity tothe market dynamics, including competition and changes in price or the value for money.On the other hand, the last phase seeks to achieve a competitive advantage through a raftof measures entailing evaluation, implementation and control during a strategy’s formulationprocess. Perfect strategies aim at achieving an edge in competition and be able to transform thestatic features of corporate governance to meet the goals and objectives of the corporation. Mostimportantly, the execution of the strategy is quite crucial as it justifies the applicability of theprevious phases. Also, it is essential for a company to duly audit its environment, beforeproceeding to develop some high-level strategies that are well acquainted with the vision andmission of the corporation consequently leading to the success of the entity. Notably, having wellthought and concise strategy grants the management a great might to explore extreme expansionmargins through a well laid out plan to transform potential consumers into loyal customers.QUESTION 2First and foremost, the impact of globalization in a corporation’s management is massive.The tremendous advancements made in information technology has widened the scope ofSTRATEGIC MANAGEMENT3management’s decision making. For instance, a corporation may now consider expanding itsmarket coverage due to the world being considered a global village. Again, the rapid changeshave seen the emergence of a new field in the management field called the “Global StrategicManagement.” this development has in turn certified a warm welcome of globalization instrategic management thus bringing a “new normal” kind of scenario with the present not beingordinary but exclusive. Further, a global economy has erupted with instant market evaluationsand thus improving and speeding up strategic formulations. Resource allocation to differentdepartments has become efficient due to the massive revolution in communication (Tapera,2016).Moreover, social responsibility has embedded values and cohesion to strategicmanagement, thus ensuring due diligence is maintained. Social responsibility has also created aplatform where high-end ethical values are maintained; therefore, corporations can generate aperfect corporate reputation, thus instilling loyalty to their consumers. Nevertheless,environmental sustainability also dictates the existence of strategic management in corporationsin that it analyses the alignment of the ecological system with the operations of the corporation.The sustainable environment provides a perfect working environment where the employees canfully bond with the expectations of the domain. Ultimately, the impact of the three dynamicfactors, globalization, environmental sustainability and social responsibility positively impact acorporation’s strategic management team and encourage the development of the corporation.QUESTION 3To start with, corporate structure and culture contain various merits and demerits.Corporations structure entails a framework that dictates the corporate goals that employees haveto consider while undertaking their daily duties. For instance, a corporation with a functionalSTRATEGIC MANAGEMENT4structure would often have its decisions made at the top level, then flow in layers, from the toplevel to the lowest level, thus enhance corporate stability. However, the same structure maydevelop interdepartmental conflicts where information may be corrupted as a result of adeteriorated communication channel. This may lead to a mismatch of priorities in such astructure.On the other hand, corporate culture can as well pose diverse effects to a corporation. Onone end, it provides with an opportunity to uphold utmost respect, values, obedience, andhonesty to customers. With this, new employees can easily sync with the corporate’s visions andmissions and have their consumers at heart as well. Corporate culture inspires diversity inworkplaces, where discrimination is highly discouraged. However, corporate culture isdependent on positive values created by the corporate, in cases where the values are negative andmislead priorities, the employees too will be affected as they will develop the same negativevalues. Again, cultures may fail to encourage employees to have a diverse mindset to reducetheir social responsibility. In this way, corporate culture either an internal strength or weaknessdepending on the values instilled by the management. Even so, the goal of every corporation is todevelop a culture and structure that encourages its overall success.QUESTION 4Board of directors is responsible for managing the business of the corporation. Theyproduce policies that will drive the corporation to its success. Monitoring and supervision ofpersonnel is their sole responsibility through the development of corporate rules and regulationsthat limit the working of the personnel. Again, from the standing of the board of directors, adifferent viewpoint on how the corporate is performing is established. Corporations with thisSTRATEGIC MANAGEMENT5vision in mind will have a board of directors to act as its advisory organ and assure the overallsuccess of the corporation (Huiru, 2011).Nonetheless, in Saudi Arabia, all profit-oriented and non-profit making corporations areencouraged by law to have a board of directors to have objective solutions to their difficulties.The Saudi Arabian Monetary Agency, together with the Saudi law, dictates the number ofdirectors that should be present and how they should be formed. They are therefore expected togive reports to the central bank of the kingdom of Saudi Arabia often to assure due diligence ofthe corporate resources and precise alignment with the rule of the law of the land. For example,Saudi Aramco needed a board of directors to act as stewards of good governance and ensureconsistent state of the art policies are developed to maintain high profits and the management isfully guided through long-term risks. Saudi Aramco was in need of a robust strategy that isthoughtful enough to drive the company through opportunities and threats, thus the success ofthe company.STRATEGIC MANAGEMENT6ReferencesHuiru, D. (2011). The importance of strategic management: a case study of H&M. R…
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