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 full-blown of directors has an obligation to approve all decision that might hazard the long run perfor military mance of the corporation. Harold Wallace has acted as a one man plank 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 executive officer and top instruction. Controlling, monitoring, or supervising top management. Reviewing and approving the determination of resources and caring for shareholder interests. (Wheelen & Hunger) The next important mystery 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 triple basic tasks. The first if to monitor, by acting throug h its committees and to present birth attendance to developments inside and outside the corporation and bringing these to the financial aid of management. The next would be to guess and influence management proposal, decisions, and actions; give advice and offer suggestions. The final is to initiate and determine, a board acquit delineate a corporations mission and specific strategy. Strategic management is a technique you can use to create a genial future and patron your organization to prosper.

To create this favorable future, you must involve your organizations stakeholders (anyone with a vested inter est 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, non some words pen garbage down on paper. Strategic management does not replace traditional management activities such as budgeting, planning, monitoring, marketing, reporting, and controlling. If you wish to get a full essay, order it on our website: OrderCustomPaper.com

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