Prepared for Dr. Mike
March 24, 2005
Unit 1 IP
During the evaluation of the Wallace Group, it has come to my attention that several key factors are obstructing the growth of the company. The main issue in determining how these factors can be changed is by remolding the company outlook. It is imperative that The Wallace Group change their business perspective to a strategic choice perspective. This perspective utilizes an outlook such that the organization adapts to the changing world around them and maintains the outlook that they, themselves, hold the power to make that change possible.
The Wallace Group has maintained, for quite some time, Mr. Wallace as president of each of the company's entities. This, however, is leading to some problems. With Mr. Wallace in charge of all operations he lost sight of problems and resolutions. It is necessary to bring into play a strategic management plan.
With a strategic management plan the company will employ the "...input and commitment of lower level management... (Wheelen et al, 2004)." The top management will be responsible for forming groups of teams that will provide necessary plans to the company such as financial planning, and forecast-based financial planning. Furthermore these teams can implement and evaluate issues. Lastly, these teams can continually work on different scenarios throughout the year and problem solve as needs arise, contrasted to the out-dated five year plan.
The Wallace group needs to reformat their corporate strategy as well. The corporate strategy currently in place is one that is useless to the growth of the company. In order to maintain a foothold in any of the three industries, electronics, plastics, and chemicals, The Wallace Group must begin by re-designating presidents and vise-presidents of the individual entities using a hierarchy strategy. Currently, Mr. Wallace...