change strategies over time because, cultures, environmental factors, customer preferences, technology,
Please prepare a half page response for each part:
There is a need to change strategies over time
because, cultures, environmental factors, customer preferences, technology, and
other aspects affecting businesses are subject to change. It is important that
organization’s can adapt effortlessly and more spontaneously to rapid changing
business environments (Poblador, 2014). The strategic management process and
the need to change strategies allow this to happen. Therefore, it is important
that there is flexibility among the strategies (Poblador, 2014). Strategic management
(planning) enables an organization to achieve its goals. Strategic management
can be thought of as a way an organization can “get from here to
there” (Poblador, 2014). Businesses
are complex therefore, the strategies will need small incremental changes. As a
result, strategic management should not be considered a once-a-year ritual but
as a continuous adaptive process (Poblador, 2014). According to the textbook,
strategic management could be thought of as circular and all the strategic
processes are continuous (Ginter, Duncan, & Swayne, 2013, p. 404). Consequently,
the strategies should still be monitored and managed after implementation. If
strategies change little by little that can help reduce “resistance to
change” and other barriers. The stakeholders’ must realize without the
ability to change as the trends change; then there will be no chance for
survival in the market and/or with competition (Ginter, Duncan, & Swayne,
2013, p. 404). It is important for financial success that a business has the
ability to stay competitive in the rapidly changing environments. Therefore,
the management team must ensure to the stakeholders’ that changes to strategies
over time is best for the business and will allow the organization to further
compete in the marketplace.
As businesses and the markets that they are in evolve it will become necessary at times to change the strategic management to continue making profits. These changes may need to occur because of new developments in the industry, events, and trends that can have impacts on the organization’s current strategic management. For example, a firm’s competitor may present a new product or service that considerable modifies the substitutes that were previously available (Dutton & Duncan, 1987). Another example involves the opportunity to take advantage of new technology or resources that were not attainable before. Delaying the change to strategic management in either of these examples could have significant impact on an organization’s revenues.
After identifying the need to make a change in strategic management, an organization must create the best method to make the required change(s). It is not enough to simply state that the business is in trouble and something needs to be done. The changes that are made must be quantified and calculated wherever possible. Research should be done thoroughly especially if it involves adapting to a new technology or method of production. In addition, the employee response to the change must also be taken into careful consideration. Involving the employees is critical during a change and can help relieve anxiety (Heathfield, n.d.). This method also helps the employees identify the reason for the change, instead of the organization stating that it needs to be done.
Stakeholders should also be made aware of the change and the reason behind it. Management should present to the stakeholders that the change is imperative to the organization’s survival in the market they share (Ginter, Duncan, & Swayne, 2013). Keep in mind that different stakeholders will have different concerns; the entire group may not see eye-to-eye. Communication methods should answer the basic who, what, when, where, why, and how type of questions. Engaging stakeholders in the change process can also be a fruitful strategy.
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