Hrm/531 Strategic Management And Planning

Strategic Management and Planning

In order to operate smoothly and be successful strategy is needed; it can be used by executives to create a plan of action in order for the organization to perform better than its competitors. This is also needed in order to gain more revenue. The vision, creation of strategy to assess the environment, appraisal of company capability crafting of future strategies, implementing strategies and the evaluation and control of the strategy are the steps in the strategies management process. (Thompson, Peteraf & Strickland, 2016). The vision represents the direction that the company wants to go in. It outlines the goals, objectives, and how the objectives will be reached (Thompson, Peteraf & Strickland, 2016). In order for a company to design an effective strategy, executives must evaluate the internal and external environment. A PESTEL analysis can be used as a way to evaluate the environment of an organization (Thompson, Peteraf & Strickland, 2016). Organizations use their resources such as assets in order to remain competitive. A SWOT analysis builds a foundation that allows organizations to craft a strategy (Thompson, Peteraf & Strickland, 2016).

Corporate Ethics

Organizations have started incorporating corporate social responsibility into their policies. Innovation is needed in order to integrate corporate social responsibility and ethics into company policies (Torres, 2015). Both society and the business benefit from the incorporation of ethics in the operation of the organization. Companies tend to have more social responsibility when ethical codes are put into place. Organizations are now beginning to remove themselves from situations that may present a corporate social responsibility issue (Greenhouse, 2013). Ultimately the stakeholders, investors, etc. determine the success of corporate social responsibility (Torres,