Strategic Management and Business Policy, Global Strategic Management Wallace Group

Essay by teslateeUniversity, Bachelor's January 2006

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The Wallace Group is in need of a Board of

Directors for their corporation. The board of directors has

an obligation to approve all decision that might affect the

long run performance of the corporation. Harold Wallace

has acted as a one man board of director, making all final

decisions for the Wallace Group. The board of director's

responsibilities is setting corporate strategy, overall

direction, mission, or vision. Hiring and firing the CEO and

top management. Controlling, monitoring, or supervising

top management. Reviewing and approving the use of

resources and caring for shareholder interests. (Wheelen &


The next important problem that the Wallace Group

is facing is the fact that they have never created or

implemented a strategic management. The role of the board

of directors in strategic management is to carry out three

basic tasks. The first if to monitor, by acting through its

committees and to pay attention to developments inside and

outside the corporation and bringing these to the attention

of management.

The next would be to evaluate and

influence management proposal, decisions, and actions;

give advice and offer suggestions. The final is to initiate

and determine, a board can delineate a corporation's

mission and specific strategy.

Strategic management is a technique you can use to

create a favorable future and help your organization to

prosper. To create this favorable future, you must involve

your organization's stakeholders (anyone with a vested

interest in achieving your organization's goal) in

envisioning the most desirable future and then in working

together to make this vision a reality. The key to strategic

management is to understand that people communicating

and working together will create this future, not some

words written down on paper.

Strategic management does not replace traditional

management activities such as budgeting, planning,

monitoring, marketing, reporting, and...