Strategic Management Essay Example | Topics and Well Written Essays - 750 words - 1

Strategic Management - Essay Example In this paper, the analysis of strategic management will revolve around a small family business dealing with laundry appliances repair with only two employees precisely a father working as the technician and his son handling matters to do with administration. Strategic management comes along with many benefits to a business. Thomas and David Hunger maintain that firms that incorporate strategic management into their daily activities always â€Å"outperform† those firms that do not. When a firm enlarges, it becomes hard for it to afford following intuitive strategies. This is because, upon enlargement, a firm’s environment or its layers of management changes substantially (Wheelen & Hunger, 2011). However, as working environment continues to be more complex due to ever changing systems of management in the world, today, firms are applying strategic management as a form of cooperating and making the environment more manageable. Strategic management is beneficial to a firm mainly because it facilitates collection of information and formulation of policies. The laundry firm can use strategic management policies to gather information from external and internal environment which in turn corporate formulation of variables in the firm. With globalization comes broad market. In this case, globalization enables a firm identify general forces that include societal and natural environments that make it easier to identify different clusters of competitors and customers making it easier to combine a sustainable environment. It is necessary for a firm to have the suitable information in order to find ways in which it can fulfill its goals via its corporate mission (Wheelen & Hunger, 2011). Globalization makes it possible for a firm to have structural, resourceful, and cultural information, which is important for a firm to enhance its corporate strategy. In addition, strategic management enables a firm to implement the set policies and formulate the gathered info rmation, which facilitates assessment of its capabilities. This in turn draws measures that enable the firm to satisfy its clientele by improving its distribution of products and services via an organized system. The impacts of environmental sustainability to a business are many. For the laundry firm to achieve the best in its line of business, it must set in place models that play an important role towards creation a sustainable environment. This shows that businesses should have models that contribute to a healthy and safe environment. According to environmental experts, a safe environment provides a platform for economic growth and business sustainable development. In order to get benefits that come along with sustained environment, a firm must address environmental issues such as pollution. As such, this laundry firm should seek to address environmental problems in order to enjoy innovative solutions brought by new market opportunities (Wheelen & Hunger, 2011). In addressing com ponents involved in the environmental scanning and industry analysis process, analysts revolve around environmental assessment, forecasting, and monitoring. In this case, environmental scanning deals with macro environment, which consists of competitors, industries, clients, markets, and companies. Environmental scanning thus interprets technological and economic events as well as political trends that are influential to a