Discussion & Responsive Comment #1
Week 1 Discussion; Introduction and Background of Human Resources
After you have read and reviewed the learning material for the week, join in the discussion with your classmates, directed by questions posed by Your Business Professor covering various topics from this week’s lessons. You are responsible for thoroughly contributing with your input and analysis on your initial posts, as well as your responsive posts to your classmates.
This week, conduct a web search and find an article where Human Resources is an ethical or strategic function of an organization.
Initial Post Instructions:
• Create a new thread within this forum.
• Write a one-paragraph summary of the storyline and how the goals of the organizations were advanced or hindered.
• Share your analysis and recommendation on what they should have done in order to keep on a good ethical/strategic path.
Responsive Post Instructions:
• Read fellow classmates’ postings and respond to (at least) one other posting by providing your personal analysis of the situation your classmate wrote about.
• Also, relate back to your initial post, comparing your situation and analysis to your classmate’s post.
Your initial posting is due Wednesday at 11:59 p.m. EST. You are expected to thoroughly respond to at least one other classmate’s posting, whereas your responsive post is due Saturday at 11:59 p.m. EST. However, it is expected that you will actively participate throughout the week. Grading will be based on the Participation Rubric.
articles
https://talentedge.com/articles/functions-strategic-management/
What Are the Functions of Strategic Management?
Strategic management is a key area of work for leaders and managers. They focus on it as a large part of their roles in the organizations that they work for. There are many good strategic management courses in India which are very comprehensive in their coverage of what it entails and the kind of skills it needs. In terms of reference strategic management is a very broad area. There are sub-areas within it, which are functions that need to be carried out.
Functions of strategic management:
Development of company strategy and vision – It involves defining the vision and mission of the organization, which in essence means the purpose of its existence. It also involves the development of the company’s strategy in order to chart out its future growth pattern based on some specific actions. Strategic management identifies what those actions will be and then shares those with the teams that implement.
Identification of products and markets – Growth for an organization means constant innovation to maintain its competitive edge as well as market share. One of the functions of strategic management is to identify the new products and new geographies that the organization needs to explore. It also means the evaluation of the viability of existing product, service and market, and assessment of whether to continue or not.
Focus on Company’s brand positioning – The company has a brand value and position that people identify it by. Strategic management means upholding, sustaining and reinforcing this brand positioning. This is done by ensuring that the strategy is aligned to the brand, as well as all the internal and external actions.
Alignment across businesses or departments – Strategic management ensures that no business segment or department in the organization is working in silos. When planning takes place, the views of all departments and businesses are considered. The final decisions are shared and discussed to ensure that there is an alignment of organizational purpose and goals. This is the role of strategic management.
Planning and Course Correction – Strategic management is all about planning for the business. This planning is similar to a SWOT analysis which identifies the new opportunities and threats to existing business as well. It also means that one of the functions is to course correct the business performance in case it is not following the right growth rate.
These are some key responsibilities that the strategic management function in any organization performs. There are many others as well such as financial planning, budgeting, talent pipeline review, leadership team performance and so on. Learn about all this and more by enrolling into an online course in Strategic Management and boost your career progression.
The entire process of strategic management firstly includes the assessment of all the resources available to the company. Then, an industry analysis is done to determine the market condition and competitors. After this, an internal evaluation is done to understand the strength and weakness of the company. After reviewing all these, a proper strategy is formulated, which will help the company to achieve its goals.
Furthermore, strategic management includes planning and defining the major objectives and goals of a company. These objectives are planned by the management of a company on behalf of its stakeholders. Hence, proper strategic management helps the company to be successful. If proper strategic management is not done, then there are chances that the business won’t flourish.
If you are planning to start your own business, then you should have the skills and knowledge base of strategic management. If you do not know much about this, then you can enroll for the Strategic Management IIM Kozhikode course today. This course will help you understand the nitty-gritty of the entire procedure. If strategic management is done properly, then there are very few chances of the business failing.
Importance of Strategic Management?
Strategic management determines the roadmap to a company’s success. Hence, formulating a proper strategy is of utmost importance.
• Gives a proper direction for the company to move forward.
• Helps to compete better in the market.
• Acts as the blueprint for all future decision making
• Helps business to be prepared for future obstacles and also help it to take the right steps to grow at the right time.
