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 mount up of directors has an obligation to approve all decision that might fortuity the long run perfor military mance of the corporation. Harold Wallace has acted as a iodine man table 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 vigilance. Controlling, monitoring, or supervising top management. Reviewing and approving the figure of resources and caring for shareholder interests. (Wheelen & Hunger) The next important paradox that the Wallace Group is facing is the fact that they have never created or implemented a strategical management. The role of the board of directors in strategic management is to carry go forth trine basic tasks. The first if to monitor, by acting through its commi ttees and to dedicate attendance to developments inside and outside the corporation and bringing these to the assist of management. The next would be to guess and influence management proposal, decisions, and actions; rejoin advice and offer suggestions. The final is to initiate and determine, a board stand out delineate a corporations mission and specific strategy. Strategic management is a technique you can use to create a prospering future and patron your organization to prosper. To create this favorable future, you must involve your organizations stakeholders (anyone with a vested interest in achieving your organizations goal) in envisioning the most desirable future and then in running(a) unneurotic to off this vision a reality. The key to strategic management is to understand that people communicating and working together will create this future, not some words scripted garbage down on paper. Strategic management does not replace traditional m anagement activities such as budgeting, plan! ning, monitoring, marketing, reporting, and controlling. If you indirect request to get a full essay, order it on our website: BestEssayCheap.com

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