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Factors that Define a Strategic Management Procedure

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Business organizations emphasis on developing a strong management platform that can be able to ensure that the business is developed on a strong background. The management that is adopted is usually strategic where there is crucial understanding on the goals and objectives that the organization has been able to highlight. Organizational goals forms the basis under which strategic management can be effectively achieved. An organization that will form the basis of this strategic management analysis is the Albany international. Albany international is an industrial goods company that specializes in two different products within the textile industry. These products include felts for paper manufacturing and textile processing as well as composites that are used in aerospace industry. The company is ahighly engaged where it trades in the New York stock exchange and listed in the Russell 2000®. Albany international has been able to prosper over the years with a significant focus on its string management system that has ensured that the company transforms over the changing business landscape.

Major components of the strategic management process

Albany international has a well-structured management system with each player within the management setup playing a crucial role in informing the company’s development process. Strategic management is a continuous process within an organizational environment. The company has been able to strategize and ensure that it is highly engaged in ensuring that there is better environment where they are able to implemented changes. The management system is headed by the president who is the chief executive and is tasked with ensuring that there are effective management processes in place that will have a positive influence on the company development process(van der Aalst, 2013).

The major components of the strategic management processes that have been highlighted in this case include environmental scanning, strategy formulation, strategy implementation and strategy implementation. These components form the basis under which the business has been able to grow considering the fact that they are deeply engaged in providing quality products and quality consumer service delivery system. The management system has adopted a departmental approach that ensures that every department sets its own goals and objectives that are in line within organizational goals. The focus on the different departments within the company are critical considering the fact that the company is highly engaged within the industry and has a large market share. These components therefore form the basis under which strategic goals within the company can be achieved considering the fact that the achievement of one process provides a better environment under which other processes within strategic management can be achieved(Škrinjar & Trkman, 2013).

How the components work together to improve company value

Albany international is a company that has significant focus on its product and overall presence in the market where it has been able to remain competitive over the years. Each component of the strategic management process plays a unique role in ensuring that the company performs within the required quality standards. Environmental scanning involves critical review on the business environment focusing on both internal and external environment. A business must be able to have information regarding its own internal developments as well as external factors that are having crucial impact on the organizational environment. Albany International has its Vice president who is in charge of Global informational services and chief information officer who has a key role in ensuring that the business is well informed on various developments within the industry.

Strategy formulation is based on the information obtained where the business has to make a choice regarding an important development within the business environment. The understanding on the best course of action is crucial in ensuring that the company puts in place quality strategic objectives that focus on achieving a specific objective within organizational environment. Strategy implementation form an important aspect within strategic management since a better decision that has been made must be implemented. Depending on the area under which a given change is to be made, the management has put in place quality measures to ensure that there is a better environment under which it is easier to ensure that the business remains on course to success. The implementation component in this case focuses on creating an improved environment where possible errors within the implementation face of a given strategy can be controlled. The business has put in place flexible measures that ensure that the business is based on quality development across different levels (Škrinjar & Trkman, 2013).

Company’s mission statement, vision statement, motivation strategy, innovation strategy, and people strategy

The company’s vision and mission statement have been integrated into the business operations and form the basis under which the company has been able to implement key sustainable measures and remained competitive over the years. The company mission has been to hold machine clothing cash flow at a consistent and sustainable level through focus on competitive advantage in the market. The company has a vision to pursue markets where they have a chance of having competitive advantage and improve its overall performance at a global level. Technology has been a major part of the company development process over the years and string focus on technology and innovation where it is possible to have a higher level of engagement within the clothing industry. When focusing on the people’s strategy, the company has incorporated a customer forum where it engages with its customers in promoting the brand as well as making it popular within the market. The company’s competitive advantage in the industry has informed the development of key decisions, which ensure that it, has sustainable performance in the industry(Su, 2013).

Define and explain the role of ethics, and corporate social responsibility, in strategic planning.

Strategic planning has been a major key focus that the company has been putting into consideration in ensuring that they perform within the required organizational standards. Ethics form a crucial part of the company code of conduct where all company employees are required to consider when interacting both within the company and outside. Positive development within an organization context requires crucial focus on the underlying policies that guideinteractions. Corporate social responsibility has been one of the strategies that the company has put in place in pushing its brand to newer markets playing a key role in strategic planning. The company strategy has been based on crucial understanding of these steps that have been developed within organizational environment (Purushothama, 2013).

The company’s core values include accountability, ethical behavior, fact-based decision-making, persistence, respect, and safety. This values form the foundational environment under which key decisions within organizational environment can be made. My personal values include honesty, integrity and accountability. The company has significantly aligned itself to my personal values that means that there is a better understanding between my personal understanding on key business aspects and what the company has implemented in ensuring that it remains competitive in the market.

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Factors That Define a Strategic Management Procedure. (2018, December 11). GradesFixer. Retrieved January 13, 2021, from https://gradesfixer.com/free-essay-examples/factors-that-define-a-strategic-management-procedure/
“Factors That Define a Strategic Management Procedure.” GradesFixer, 11 Dec. 2018, gradesfixer.com/free-essay-examples/factors-that-define-a-strategic-management-procedure/
Factors That Define a Strategic Management Procedure. [online]. Available at: <https://gradesfixer.com/free-essay-examples/factors-that-define-a-strategic-management-procedure/> [Accessed 13 Jan. 2021].
Factors That Define a Strategic Management Procedure [Internet]. GradesFixer. 2018 Dec 11 [cited 2021 Jan 13]. Available from: https://gradesfixer.com/free-essay-examples/factors-that-define-a-strategic-management-procedure/
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