Strategic Management company Essay Example | Topics and Well Written Essays - 4000 words

Strategic Management company - Essay Example Thompson, M and Strickland, P. (2004) mentioned that the term Strategic management refers to the managerial process of forming a strategic vision, setting objectives, crafting a strategy, implementing and executing the strategy and then over time initiating whatever corrective adjustments in the vision, objectives, strategy and execution are deemed appropriate 1. Michael J. S. & David W. G. (1997) stated that Strategic management process requires competent individuals to insure its success 2. The production system of Coopers Creek was one of the key reasons to become successful in international markets. The production system at Coopers Creek was set up to produce in 25-30 tonne batches; a modular approach based on grape truckload capacities. The company had the capacity to crush 100-120 tonnes of grapes a day, giving it a major aggressive advantage. Coopers Creek was involved in infrequent production-based collaborations with a group of local West Auckland wineries. As well as grape devastating at key times, the wineries swapped grapes, shared kit and jointly purchased key inputs; for example, Coopers Creek shared the expenses of container-loads of barrels with three other wineries. Coopers Creek was vigorously involved in the Canadian and US Country Action Groups in conditions of combined promotional efforts. A clear and entrepreneurially astute strategic vision is a prerequisite to effective strategic leadership. Managers cannot function effectively as either leaders or strategy makers without a future oriented concept of the business - what customer needs to work toward satisfying, what business activities to pursue, what kind of company to try to create. Coopers Creek has followed following steps and has been able to achieve success in their market. Charting a company's course begins with senior management looking at the road ahead and addressing the following questions: where do we go from here What changes lie ahead in the business landscape And what difference will these changes make to the company's present business Peter M. G. Linda E. S. & Jack D. W. (2005) have stated that forming a strategic vision is thus not merely a wordsmithing exercise designed to create a catchy company slogan. Rather it is an exercise in thinking carefully about where a company needs to head to be succes sful. It involves selecting the market arenas in which to participate, putting the company on a strategic path, and making a commitment to follow that path 3. Three elements of strategic visions: The number one is coming up with a mission statement that defines what business the company is presently in and conveys the essence of which we are what we do and where we are now. Using the mission statement as a basis for deciding on a long-term course, making choices about where we are