There are many challenges and complexities that leaders encounter when running an organization. In the music industry, for instance, new technology transformed the way we listened to music. When musical recording albums were initially introduced, for example, they were presented to the public as porcelain discs. Later, the manufacturers adapted their products to albums that were made from vinyl discs until the 8-track format came along. The industry took another leap when they changed formats yet again that led to the manufacturing of cassettes, which was followed by the compact disc format that eventually brought us to the digital download format we have now have access to. In other words, the music industry adapted to include these technological changes as a strategy to offer consumers higher quality products. Regardless of industry, whether e-commerce, retail sales, food, or manufacturing, in order to achieve their outcomes, business leaders participate in strategic mangement in order to stay successful and maintain a competitive edge.
To further explain these concepts, I published an article that was compiled from my graduate research work, entitled, The Value of Strategic Management. It reveals how implementing effective strategic plans can help run an organization more efficiently. In addition, I examine various components including (a) the strategic management process, (b) the systems implemented to monitor performance measures, (c) the importance of establishing the firm’s target audience strategies, and (d) how a company’s vision statement can not only help shape the future of an organization, if constructed effectively, it can also serve as a motivational tool to help staff members achieve their desired outcomes.
That’s all for this week! In the meantime, please stay tuned for the next article I’m working on that explains the differences between vision statements and mission statements and how firms, like the Walt Disney Company, whose mission as one of the world’s leading producers of entertainment, have incorporated strategic plans to help them live up to their promises and the tactics they use to differentiate themselves so that they stand out above their competitors.
Until then … Commit to your vision … and stay organized!