The vision in this case refers to as a statement of the things that can be achieved by the corporation. The concept of strategic intent is very crucial to the operating of a corporation since it acts as a magnet that pulls the present corporate dynamics and activities to the future. Any given strategic intent should be formulated in a manner that the corporation's remain with a large vision that can energize the workforce at all times. The formulation of new strategic intent options can help LG in capturing new markets while remaining competitive within the uncertain economic environment since it present anew purpose to the corporation.
Third Phase .Success indicators
LG should make use of indicators of success in order to level of achievement of strategic intent. The indicators must however be chosen wisely since they are bound to heavily influence the lives of people at LG. LG Corporation should use indicators such as increasing the level of mobile telephony penetration in Africa.
Fourth Phase: Supporting the strategic objective
The fourth phase is concerned with the refining of strategic objectives. They are a major source of momentum for the corporation that does help in the provision of the missing link in order to achieve the laid down strategic intent. They do offer the corporation new and improved vantage points as well as pathways that are necessary for ensuring the gaining of competitive advantage for maximum profitability. It is important that LG Corporation treat each of the strategic objectives in order to ensure that the goals are reached. Each and every strategic objective is independent but works in synergetic manner with the rest. It is important that there clear communication within the organization structure as well as appropriate resource allocation in preparation for the realization of the strategic objective of conquering new markets in Africa and Middle East.
Fifth Phase. Strong leadership
The fifth phase of strategy-in-action that must be used in order to influence the strategic plan for LG Corporation is leadership. It is important that the establishing and empowering strong leadership takes a lot of time (Schein,1985, 1992). There are two major types of leadership. The background empowerment and the leaders. LG Corporation must ensure that it prepares itself for the changes that may occur as a result of conquering new markets. The corporation must make its workforce ready for the changes that can occur as a result of mergers and acquisitions (M&as) as it conquers new markets (Tetenbaum,1999). It has been demonstrated it several articles that M&a can have serious consequences on organizational culture. LG Corporation must be ready for establishing strong leadership and change management strategies that can counter the negative impacts to the organization culture. Kavanagh & Ashkanasy (2006) successfully investigated the positive influence of leadership as well as change management strategy on the culture of an organization and on employee acceptance of change during a merger
Sixth Phase. The Catalytic actions
The catalytic actions are responsible for altering the business environment. The acquired environment could either transform or inform the strategic processes in an organization through the provision of a rapid feedback mechanism to a certain strategy. The catalytic actions are to be responsible for taking care of the deficiencies in the existing services and programs while eliminating duplication of various efforts in order to save on corporate resources. They also create convergence with the firms' the existing initiatives.
Seventh Phase: Sustenance of momentum
This phase is concerned with attempting to sustain success. This is through the constant taking of stock, innovate, engage other partners and enrich the existing strategy for the sake of continuity, future and profitability.
Why the traditional approach will always reign over the strategy-in-action approach at LG
A close analysis of the strategy-in-action approach reveals that it has several loopholes that make in not a preferred choice for managers of large corporation such as LG. The first reason is that it is organic when most of managers are used to the mechanistic paradigm / Newtonian paradigm that was inherited from Newton. This is to say that most humans do believe in as well rely on computers and machines. This tends to make human beings to appear unreasonable. The second reason as which makes me believe strongly on the traditional approach as opposed to the strategy-in-action approach is that the latter may make managers to have a fear associated with empowerment; This is because strategy-in-action demands that there is an element of power sharing with the rest of the people in the...
Strategic Management Action: Strategic Position, Choices, And Strategy Implementation Strategic management is stated to be the "process by which an organization formulates its objectives and manages to achieve them. Strategy is the means to achieve the organizational ends." (Thomas, nd) Managers are required to have a strategic vision in order to become strategic managers and implement strategic management initiatives. The strategic vision of the manager is inclusive of the following elements: (1)
Marketing Strategies Competing in today's economy, demands that a business find ways to break out a commodity status to meet customer needs more than competing firms do. A sound marketing strategy requires effective planning; this helps a business to capitalize the opportunities present in the market and leverage their strengths. Service businesses and firms encounter a number of unique cost considerations that need to be addressed when formulating service pricing strategy.
More than 44% of users see noticeable indications of benefits from laser treatment within the first 6 weeks. Another 45% see results in 6 to 12 weeks. The remainder sees less dramatic results after 12 weeks. (White Cliffs 2008) 2.3: New Business Strategy Parnell proposes a number of questions regarding business strategy, including "Is strategy-making an art or science? Should a strategy be publicized or kept largely secret? Is consistency or flexibility more important?
Strategy Using Databases Basic Strategy Formulation using Databases One significant challenge that any organization faces has to be is strategizing all the aspect and conditions that it up holds. Organizations depend on past information and actions to formulate on the steps that they may take to improve on their situation. For any strategy formulation, an organization depends on the information they have collected from the past. However, the main challenge is
How should allied operations in Afghanistan be pursued? In order for the operation in Afghanistan to be effective, there are several ways that can be opted for. The allied forces should be trained aptly for the terrain that is in Afghanistan, the training should as well cover the entire insurgents possible pockets. This however may prove difficult since the insurgents have their protected areas that they would not allow the allied
Contemporary Management Todaya) Management Strategy in ContextSome theories pose contradictory arguments against or favor specific thoughts in contemporary management today. Subsequently, there exists no unified management theory. The management theorists today target a higher level of a flexible and comprehensive approach; hence, in some instances, it collides while others flow with the human and scientific relations movement. As a result, it is uneasy about agreeing upon the unification of different
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now