Today, all businesses are global businesses. Some may think otherwise. However, if there is any aspect of a business that involves a global element such as products or services, it is a global business. Therefore the global market affects everyone, the consumers and the buyers. It is important to estimate the long term business operations and explain how the global market affects business strategy. Finally, constructing a long-term strategic management plan for sustaining organization performance will assist with staying competitive within the global market. Estimate the Sustainability of Long-term Business Operations Organizations must use several methods to evaluate themselves to ensure the organization can sustain current practices without jeopardizing future resources. It is that which the purposes of sustaining long-term business operations are. There are numerous genres of sustainability. The most common areas of sustainability are: economic, social and, ecological.
Of the aforementioned common areas of sustainability, recycling and waste reduction are the most favored. Ecologically speaking, a company that uses their natural resources to the greatest extent is one that is being socially responsible. When individuals within the community have access to organizations natural resources, those organizations show they have great understanding of the general wants and needs of the communities’ citizens. Remaining socially sustained is imperative to operating a business. Businesses that envision long-term services must recognize the importance of economic sustainability. A business and its practices can have negative and positive effects on the condition of the surrounding community. Growth and prosperity will happen if an organization envisions long-term operations. How the Global Market Affects Business Strategy
The Business plan on Business Strategy Long Term
Q # 1 What is your evaluation of Michael Dell as CEO? How well has he performed the tasks of Strategic management discussed in Chapter 1? o He is an excellent CEO At age 33, he is a multi-billionaire, one of the richest people in the world and one of the most respected CEOs in the world. He has done his job in the best way he could because given the age and lack of experience, we think he has done ...
The global market affects business strategy in numerous ways. One analytical tool economist’s use for doing business on a global scale is best known as PESTEL (Political, environmental, sociocultural, technological, economic, and legal).
This term refers to environmental factors, and their effects on macro-economics. By analyzing environmental threats a firm can abide more closely to its business plan, thus helping it obtain its strategic objectives. “Knowing what industry- and firm-specific factors affect a firm is critical to understanding its competitive position and determining what strategies are viable” (Wheelen & Hunger, 2010, p. 107).
Mathew believes that observing the mistakes and successes of other businesses will help to establish a better foundation for his prospective business adventure, all the while enhancing his overall business acumen.
Long-term Strategic Management Plan for Sustaining Organizational Performance Constructing a long-team strategic management plan consist of several strategies. An organization uses these strategies to stay successful within their respective industry. In order to build a successful strategic management plan, the organization will have to incorporate several management strategies to stay competitive. The organization will have to perform an SWOT (strengths, weaknesses, opportunities, threats) analysis initially to identify the strengths, weaknesses, opportunities and threats the organization may encounter. Also, gathering information in regards to an organizations capabilities and resources is also a fundamental part while conducting a SWOT analysis. Organizations are built on using several strategic goals to achieve success. The first strategy is the functional plan; that is the approach a corporate and business unit utilizes to maximize productivity. Another strategy is “marketing”. Marketing includes selling, pricing and distribution of the product, to name a few.
Strategic Business Plan Mission Statement
... formulate a strategic plan and make business decisions. Market information potentially covers a vast range of data, from global macro-trends ... justify the opportunities, direction, strategy, and, the marketing actions, methods and measures. The business plan should have the following: ... are often being replaced or supplemented by matrix organizations and cross-functional teams. Use of cross-functional ...
When an organization implements strategies in their financial department, they examine their plans and evaluate how these plans will affect the organization at a corporate and business level. Following this, the analysts or managers will then identify the best financial strategies for the organization. The R & D (research and development) strategy involves the modification and enhancement of processes and products. The R & D strategy is where innovation occurs. Operational strategy consists of the manufacturing of a product or service, production process integration, and deployment of supplier’s resources and relationship. Purchasing strategy consists of finding raw materials, parts, and supplies to help with the manufacturing of products. Organizations may implement the logistics strategy. It is important for organizations to understand and be knowledgeable of what goods are entering and exiting within the manufacturing process. The last strategy is information technology that will help an organization with a competitive advantage over their competitors. There are pros and cons to these strategies. The pros and cons alternatives will have to be identified and evaluated before a strategic plan is implemented. Conclusion
The global market affects us greatly in several, various ways. Oil for example is a necessity for business operations. Oil is a global element. Without this one product, it affects businesses, employees, consumers, families, economies… This is a major concern for organizations to be aware and attentive to the global economy, and to make changes as necessary for sustainability. Sustainability involves estimating the long term operations of an organization, being aware of how the global market affects strategic objectives of a business, and forward looking, long term strategic plans. Without plans, a business plans to fail.
The Research paper on Procurement Strategy for Aboriginal Business
... at all levels of the organization, for the strategy. This is considered quite ... in significant benefits for Aboriginal businesses. Although Aboriginal business capacity did not exist ... who could deliver on their required products or services. It also allowed ... firms to compete in a global marketplace. A contract was issued ... work in securing Aboriginal Benefit Plans under Major Crown Projects. Here ...
References
Wheelen, T. L., & Hunger, J.D. (2010).
Concepts in Strategic Management and Business Policy 12 Entire eBook (12th ed.).
Retrieved from The University of Phoenix eBook Collection database.
