Strategic Management – Peer Response Module 15 – Discussion Question 1

Peer Response

Write a peer response to a colleague’s post: comment on her answer and then add some more content related to the subject. At least 2 peer-reviewed sources are required. APA format 7th edition. The textbook is attached.

Below is the question (1), my post (2), and my colleague’s post (3).

1) The Discussion Question:

In this discussion question you have the opportunity to be creative and to relate what you have learned to your professional lives. Please explore and critically think about some of the learning outcomes and concepts presented in this course. Please effectively communicate how you would lead an organization (or a group of people within the organization) by applying the knowledge you have learned ethically and responsibly. Your discussion should also include innovative thinking, and information-technology aspects (such as the Internet, social-media, computers, and so forth) that may assist you in decision-making. You may frame your discussion around any functional component of business, and in any context; problem-solving, management, leadership, organizational behavior, and so forth.

2) My post

The role of the strategic leader is to provide direction and guidance to an organization in a rapidly changing and complex environment. The leader must clearly understand the organization’s vision, mission, and values to succeed. The leader must also communicate this direction to the organization’s members effectively. They must clearly understand the company’s strengths and weaknesses and the opportunities and threats it faces. They must also be able to think creatively and develop new ideas to give the company a competitive advantage.

According to Hitt et al. (2019), a strategic management process is a tool the leader can use to make decisions about the organization’s direction. The process begins with the identification of the organization’s mission and goals. Once the mission and goals are established, the leader must identify the organization’s strengths and weaknesses. With this information, the leader can develop strategies to capitalize on strengths and mitigate weaknesses. The leader must then implement the strategies and monitor the results to ensure that the organization is moving in the desired direction.

The rapidly changing and complex environment in which organizations operate today requires leaders to be innovative and to use information technology to their advantage. The Internet provides a wealth of information that can be used to make informed decisions by leaders. Social media platforms like Facebook and Twitter are also essential tools that can be used to connect with customers and promote the company’s products and services (Bogers et al., 2019). Technology can also be used to model different scenarios and test solutions to problems by experimenting with inventions such as Augmented Technology and Virtual Reality. Computers can also create and store important documents and track and analyze data.

When it comes to technology, there are a few key things that I would keep in mind as a leader to make the best decisions for my organization. The first is that technology is constantly changing and evolving, so it is crucial to stay up-to-date on the latest trends. This can be done by reading industry publications, attending conferences, and networking with other leaders in your field. Additionally, it is essential to know the potential risks of implementing new technologies. For example, if I am considering implementing a new software system, I need to ensure that it is compatible with your current systems and that there is a plan for training employees on how to use it. Finally, I would also need to be mindful of the costs associated with new technologies. Sometimes the upfront cost can be significant, but there can also be hidden costs, such as maintenance and support. When making technology decisions, it is essential to weigh all of these factors to ensure that you make the best decision for your organization.

The Internet and social media have revolutionized how organizations communicate with their stakeholders. These tools have made it possible to reach a wider audience with your message and to build relationships with key stakeholders. Leaders must also effectively communicate their vision and strategy to their organizations. In today’s world, this often means utilizing new technologies, such as the Internet and social media to reach a broad audience. Leaders must also be able to use computers and other technology to assist in decision-making effectively. As technology continues to evolve, it is vital for leaders to stay ahead of the curve and to be prepared for the challenges that come with it. With the proper knowledge and skills, leaders can use technology to improve organizational performance and meet their stakeholders’ needs better.

References
Bogers, M., Chesbrough, H., Heaton, S., & Teece, D. J. (2019). Strategic management of open innovation: A dynamic capabilities perspective. California Management Review, 62(1), 77-94.
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2019). Strategic management: Concepts and cases: Competitiveness and globalization. Cengage Learning.

3) My colleague’s post (Naine)

Strategic management is the process of designing and articulating viable strategies that managers may employ to improve the performance of their firm and obtain a competitive advantage. As a result, defining the organization’s strategy is part of the strategic management process. Competitiveness and globalization are associated with strategic management in business, and these principles assist in building a long-term plan for any business. However, external technical, economic, political, legal, and demographic influences can also impact tactics. Additionally, competing effectively in a competitive market requires maintaining a national production base, exporting goods overseas, licensing your technology to foreign companies, producing and distributing your goods, franchising, forming strategic alliances, forming collaborative partnerships, or merging and acquiring.
A company’s core competencies are its capabilities and resources, which aid in gaining strategic advantages for any firm. It allows a company to stand out and outperform its competitors in the market. Identifying and utilizing these fundamental abilities is critical for every organization since it aids in marketing strategies, conducting business, and remaining competitive in the industry. Furthermore, many firms start with an international approach to increase worldwide trade, such as importing and exporting products and services. However, other strategy models are available, including transnational, multi-domestic, and international. Strategic leadership, refers to a leader’s capacity to define a firm’s strategic vision and motivate and persuade others to achieve the same goals. Loyalty, drive, compassion, awareness, social skills, and other qualities distinguish them. On the other hand, strategic entrepreneurship is described as organizational innovations inside a corporation that involve multiple possibilities and benefits.
While running a business and practicing effective leadership, we must be conscious of external issues such as politics, technological advancements, and legislation while developing proper and intelligent strategies. Furthermore, companies must be prepared and have a solid plan to thrive in today’s volatile climate. Businesses should concentrate on their core strengths, such as resources or anything else that might help them obtain a competitive edge in the market. Core competencies enable a firm or corporation to flourish and outperform its competition. Similarly, a company may need to collaborate or ally with another company to grow and achieve market prospects.
References
Hitt, M. A., Ireland, R. D., & Hoskisson, R. E. (2019). Strategic management: Concepts and cases: Competitiveness and globalization (13th ed.). Cengage.
Kouzes, J. M., & Posner, B. Z. (2017). The leadership challenge – how to make extraordinary things happen in organizations (6th ed.). Hoboken, NJ: Wiley & Sons Inc.
Mason, R. B. (2007). The External Environment Effect on Management and Strategy: A Complexity Theory Approach. Management Decision, 45(1), 10-28.

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