STRATEGY, CHOICE AND IMPACT

Strategy, Choice and Impact



Strategy, Choice and Impact

Introduction

Strategic Management basically refers to the concept that is used by the strategic managers of an organization to analyze the external environment of an organization to develop effective plans for tackling the external factors that affect the business functions of the organization. Strategic Management also analyzes the initiatives taken by the senior management of an organization to develop efficient and effective plans for the development of the organization. The main functions of strategic management include designing the policies and programs for the organization to achieve the underlined objective of the organization. The main aspects that are considered very important in order to achieve the strategic objectives of an organization through strategic management is discussed as follows.

Strategic Managers Should Be Able To Understand How the Marketing Plan Supports Strategic Objectives

The Strategy Of The Organization Impacts On The Marketing Plan And The Identification Of Issues Of Risk Within A Marketing Plan (considering the overall external environment the organization operates within). In today's world where entrepreneurship and owning your own business is considered to be the latest fashion to acquire wealth and status we see a lot of new businesses launching every month and every year but only few of them are able to maintain their position in the cutthroat competition and rivalry (Wheelen, 2010, pp. 90). Maintenance of the success of the business totally depends on the strategies a business owner adopts to operate it. Strategies are the nub that decides the success or failure of an organization. Without the proper, effective and efficient management of strategies an organization cannot survive. And, when the business is so huge and spread all over the world like Global Hyatt Corporations then in such a situation the need of the management of strategies increases even more. Global Hyatt Corporation with the aid of their skilled and competent management staff is successful in the management of their strategies. Strategies made by the management of the Hyatt Hotels are influenced by the external environment of the organization (Barney, 2010, pp. 43-49).

Hyatt belongs to hospitality industry. It operates more than 200 hotels and motels. According to the external analysis, the industry in which Hyatt Hotel operates facing severe nature of competition. As we all well aware of the fact that, the main purpose of operating or conducting a business is to earn a profit and to run the business in a lucrative way. In order to fulfil this main ambition of the business, managers totally and completely rely on the strategies that they devise. Strategies provide direction to the business. In today's world, the phenomenon of globalization is in vogue. The identification of issues of risk within a marketing plan involves an overall external environment in which the organization operates.the external environment of an organization involves number of factors that can be political, economical, sociological, technological, environmental and legal (Campbell, 2002, pp. 39-42).Therefore, the strategies opted by an organization directly or indirectly have their influence on the ...